Post News Network
Bhubaneswar, April 2: Financial services sector is likely to contribute 3.99 per cent of state GDP in 2015-16 and is estimated to grow at 6.03 per cent during this period, the state Economic Survey said.
However, it remains the lowest contributor in the services sector pie as compared with other sub sectors like trade, transport among others.
According to the Economic Survey, public administration has the highest contribution in services sector with 10.86 per cent share. This was followed by transport with 8.42 per cent share.
On financial services segment, the report noted that recovery position of all banks had improved in 2014-15.
“Despite several initiatives, the recovery of loans has not been satisfactory during 2013-14. It remains a major impediment to the expansion in banking. But, during 2014-15 upto March, 2015; the recovery position of all banks recovered and increased to 56.35 per cent which was 45.72 per cent during the year 2013-14,” the report noted.
On state-level financial institutions, the survey noted that Orissa State Financial Corporation (OSFC) sanctioned loans of Rs 1,317.17 crore and disbursed Rs 1,309.90 crore.
“The corporation recovered Rs 1,967.41 crore during 2014-15 and Rs 271.99 crore remained outstanding by the end of March, 2015,” the report said.