The Economic Survey report of Odisha has put the State on the driver seat in the nation’s development with a projected growth rate of 10.1 percent by the end of this fiscal year.
With just two days left for this financial year (FY 2021-22) to get over, the State’s Economic Survey report published in the month of March has already set the tone for the next FY.
As per the report, the state’s economy has witnessed a rebound in the year 2021-22 in spite of the second and third waves of Covid-19 hitting the State. Real Gross State Domestic Product (GSDP) has grown at a rate of 10.1 per cent as per advanced estimate which is much higher than the national growth rate of 8.8 per cent.
The per capita income of Odisha has also grown at a double-digit rate of 16.8 percent in 2021-22. In absolute terms, the per capita income of RS 48,499 in 2011-12 has gone up to Rs 1,27,383 in 2021-22 (AE).
However, agriculture and allied sectors exhibited contraction of 3.37 per cent in 2021-22 due to multiple natural calamities like heavy rain, unseasonal cyclonic rain and severe cyclonic storm ‘Yaas’ followed by flood water inundation, cyclone ‘Gulab’ and ‘JAWAAD’ in December, 2021. Incessant rain on standing and harvested crop in December 2021 and January 2022 brought widespread damage to paddy and vegetable crops in the state, the report stated.
Patting its own back, the State government, in the report said, “Odisha has set an example in prudent fiscal management with consistent revenue surplus for several years and keeping fiscal deficit and government debt within limits. In 2021-22, the State is expecting significant increase in mining revenues. In future, these would provide further strength to public finances of the State and provide resources to build up a stable medium-term expenditure framework.”
The Economic Survey is the premier publication of Government of Odisha on the financial health of the State. It chronicles the developments in the State’s economy, summarizes the performance of key development programmes, highlights the policy initiatives of the government and offers a perspective in terms of social and economic progress of the State. The report also provides behavioural and analytical review of major economic and fiscal performances of the State as well as various policy interventions to achieve inclusive and sustainable growth.