BHUBANESWAR: Odisha Government has identified four key sectors, which have a strong presence in conventional markets including the US, UK, UAE and China, that will help the resource-rich State in boosting overall exports from the region.
Identified sectors- marine, mineral and metals, chemicals and textiles- account for about 95 per cent of the State’s exports in 2015 with an estimated value of $2.93 billion.
State Government also plans to expand to other markets by tapping potential in countries like Germany, Italy, Spain, Canada and Russia. Potential sectors identified by the State include the handloom, handicrafts, silver filigree, rubber coconut, vegetables, cereals, spices and fertiliser industry. Foraying into potential markets acorss the globe will help the State diversify its export basket.
In Odisha, which is a mineral-cum-resource rich state, the mining sector is a key revenue driver for the State in the non-tax regime. Exports from the four key sectors have zoomed by more than 98 per cent to Rs 40,879.30 crore during 2016-17 due to a surge in exports of metallurgical, engineering and allied products. In the previous year, the state exported goods worth Rs 20,591 crore.
Odisha, which became the thirteenth largest exporting state in 2016, witnessed an increase in exports at a compounded annual growth (CAGR) rate of 11.6 per cent frpm 2012 to 2104. Odisha, which has already put implementation of its export promotion policy on fast track, is curently focusing on working out a product-specific strategy for promoting exports in each category.