Home ECONOMY Odisha records 114% growth in exports in 2016-17

Odisha records 114% growth in exports in 2016-17

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Bhubaneswar, June 3:

Odisha performed exceptionally well in exports during 2016-17 by transacting business worth Rs 40,872 crore — a 114 per cent increase over the previous financial year.

The exports turnover, which was Rs 19,082 crore in 2015-16, rose up to Rs 40,872 crore during 2016-17, as per the figures released by the Directorate General of Commercial Intelligence and Statistics (DGCI&S), Kolkata, and Directorate Of Export Promotion & Marketing (DEPM), Bhubaneswar.

“The growth has mainly been on account of increase in the value of exports of iron ore (301 per cent), bulk minerals and ores (311 per cent), residual chemical and allied products (861 per cent), iron and steel (104 per cent), aluminium and products of aluminium (72 per cent) and petroleum products,” said MSME Secretary L.N. Gupta.

The exports turnover of the state was merely Rs 563 crore in 2001-02, which rose 15 times to Rs 8,917 crore in 2005-07.

Due to global recession and reduction in price of steel, this turnover, however, slipped to Rs 1,215 crore during 2007-08. But, since the year 2008-09, the value of exports from Odisha has seen a sustained rise.

“The rise in exports turnover from Rs 15,411 crore only in 2008-09 to Rs 40,879 crore in 2016-17 is an increase of 165 per cent over a period of nine years,” said Gupta.

He said that with the Inland Container Depots (ICDs) at Jharsuguda and Balasore likely to be operationalised shortly, exports from the state was likely to get a further boost.

Testing laboratories by the Export Inspection Agency and Marine Products Export Development are nearing completion and are expected to be commissioned by August 2017.

“The process of formulation of New Odisha Export Policy-2017 is also under progress,” he added. (IANS)