Rs.29,760 Cr additional output will be generated by POSCO project
Synopsis: The POSCO project is expected to generate Rs 29,760-crore additional output for the State. In terms of value addition, it would contribute 11.5 per cent to the estimated State Gross Domestic Product (SGDP) by 2016-17. The study projects employment of 8,70,000 person year across all sectors of Orissa economy over the next 30 years. This would consume almost all of the current unemployment backlog of 9.9 lakhs in the beginning of 2005~2006. Apart from 18,000 direct employments by POSCO-India, numerous jobs are expected to be created in the Agro & Forest, Mining, Manufacturing, Trade, and other service sectors.
Client
POSCO-India
Publication
The New Indian Express
Date
24 November 2006
Edition
Bhubaneswar
Page
15
Headline
Posco gets shot in arm from study
Synopsis: A study published recently by National Council of Applied Economic Research (NCAER) has revealed that the POSCO-India project will not only contribute a staggering 11.5% to the state’s GDP by 2016-17, it will also consume a substantial chunk of the unemployment backlog of the state.
The project is expected to generate Rs. 29, 760 crore of additional output for the state by 2016, when the state is likely to achieve full production. Its tax contribution to the Govt. will be about 17.6% of the total tax revenue by the same year. It will pay to the State Govt. Rs. 77,872 crore and Rs. 97,099 crore to the Union Govt. over the next 35 years.
On employment, NCAER has projected creation of opportunities for over 8.70 lakh people across all sectors in the next 30 years.
Mr. Soung-Sik Cho, CMD, POSCO-India said that if the favourable conditions are utilized, they will create a win-win situation for all concerned.
