Odisha Economic Survey pegs State’s growth rate at 7.82 percent in FY23

“During the pre-COVID period (2012-13 to 2019-20), the average growth rate of Odisha's economy was 7.1 percent. The decade of 2021-30 is expected to work in favour of India given its demographics structure, usage of technology, push for innovation, competitive and cooperative federalism, stable government.

Odisha has all the resources to benefit from a high growth environment in the country and deliver prosperity for all. Assuming a normal monsoon, no further disruption to global supply chains and moderation in inflation, Odisha can grow in the range of 8-8.5 percent in 2023-24 in real terms,” the report asserted.

A state’s growth story is clearly reflected in per capita income, which is an important indicator and is globally referred to, while classifying countries by income levels.

As per the Economic Survey Report, Odisha's present per capita income (2022-23 AE) is Rs 150,676 at current prices against the national average of Rs 170,620 (current prices). However, within 7 years, the State has successively reduced the gap between Odisha's per capita income and per capita income at the all-India level from 31.6 per cent in 2015-16 to 12 per cent in 2022-23.

“The CAGR of Odisha's per capita income during 2011-12 to 2022-23 (AE) was 10.9 per cent as against 9.4 per cent CAGR of India's per capita income. The State's rate of growth in Per Capita income is much faster than the national rate of increase, thus successfully reducing the gap,” the report maintained.

As far as the industrial sector is concerned, it registered a slight decline in growth.

As per the report, while the sector experienced a growth of 6.6 percent in the last decade, it registered a growth of 6.05 percent in 2022-23 in real terms.

(Reported By Harihar Chand, OTV)