Economy
For the past six decades, Rayagada has seen institutions like IMFA, JKPAPER mills enriching the economy.
Rayagada has a great mineral source, with full of bauxite, silicon. According to a survey India has 56% of total bauxite storage of the world out of which Orissa has 62%. Out of that Rayagada has a 84% share. Depending on this, other industries like Birla, L&T, Sterlite showed an interest in Rayagada.
Rayagada is a destination for hotel industry: Hotels like Sai International, Jyotimahal, Vamsikrishna, Tejaswini, Kapilas, Raj Bhawan are a step ahead in this.
Besides these, small- and mid-scale industries enrich economy of Rayagada. Notable among them are Konark Alum Industries, Satyam Packers and Processors Pvt. Ltd.,etc.
Other industries like Jeypore Sugars Ltd., ferro manganese were supplementing economy of Rayagada, but due to shortage in supply these were closed. The jeypore sugars was established by the British which attracted loads of people from nearby states to Rayagada. The industrial atmosphere, great location and availability of resources around made Rayagada a prominent town in Orissa.
In 2006 the Ministry of Panchayati Raj named Rayagada one of the country's 250 most backward districts (out of a total of 640). It is one of the 19 districts in Orissa currently receiving funds from the Backward Regions Grant Fund Programme (BRGF).
Read more about this topic: Rayagada District
Famous quotes containing the word economy:
“It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
—Henry David Thoreau (1817–1862)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
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—Friedrich Nietzsche (1844–1900)