Here, however, is a reality check. As per the data available with the Central Statistical Organisation (CSO), the per capita income at constant prices (2011-12) was pegged at Rs 67, 522 in 2017-18.
A comparative analysis of per capita incomes of 19 major states reveal that Odisha's per capita income is 6th from the bottom. Only the perm capita income of UP, MP, Bihar, West Bengal and Jharkhand were below that of Odisha.
The CSO data showed that per capita income at constant prices of Rajasthan is Rs 74,744., whereas the per capita income of Chhattisgarh was at Rs 68,543.
However, when the per capita income at current prices for the year 2017-18 was taken into consideration, then the State rank slipped further. Odisha had finished at 4th from the bottom.
The CSO 2017-18 quick estimates (QE) data revealed that Odisha's per capita income at current prices was Rs 80, 991. Only Bihar, Jharkhand and UP were seen lagging behind with a per capita income of Rs 38,860, Rs 63,754 and Rs 55,456, respectively.
A detailed analysis had shown that the growth rate of per capita income at constant prices in the State had stagnated at around 2.5 per cent in the first year of 12th Plan (2012-13) and a negative growth rate of around 1 per cent in 2013-14. The per capita income grew up only marginally (below 1 per cent) in 2014-15.
In the year 2015-16, the per capita income had shown some buoyancy as it grew by around 7 per cent. The growth rate in 2016-17 was 8.3 per cent. But the 2017-18 growth rate in per capita income was only 6.3 per cent.
"Negative growth in per capita income in 2013-14 was the Phailin-impact on farm sector, where the yield rate per acre crashed and farm growth tumbled down by -9.8 per cent. Growth of per capita income depends much on prospects of farm sector and mood of weather. This is the reality in Odisha," observed Prof Niraj Kumar of XIMB.
"The economy witnessed a gradual transition from a period of high and variable inflation to more stable and low level of inflation in the last five years," said the survey presented the Finance Minister Nirmala Sitharaman in Parliament on Thursday.
The survey also noted that India's headline retail inflation based on the the Consumer Price Index-Combined (CPI-C) has been on a declining trend for the the last five years. The retail inflation was recorded at 3.4 per cent in 2018-2019, down from 3.6 per cent form the previous fiscal, it added.
"It stood at 2.9 per cent in April 2019 as compared to 4.6 per cent in April 2018. Food inflation based on Consumer Food Price Index (CFPI) declined to a low of 0.1 per cent during the financial year 2018-19," it said.
Referring to wholesale inflation, which is based on the Wholesale Price Index (WPI), the survey said that it remained moderate at 3 per cent in 2017-18 compared to 1.7 per cent in 2016-17, and (-)3.7 per cent in 2015-16 and 1.2 per cent in 2014-15. In the last fiscal 2018-19, WPI inflation, however, rose on year-on-year basis to 4.3 per cent.
The Reserve Bank of India's (RBI) yearly inflation target till 2021 is 4 per cent, in order to achieve macroeconomic stability.
According to the Economic Survey, the current phase of low inflation is also marked by reduction in both urban and rural inflation. It states that the decline in rural inflation is steeper than that of urban inflation since July 2018 resulting in decline in headline inflation.
"Fall in rural inflation is due to moderation in food inflation, which has been negative for last six months (October 2018 to March, 2019)" the survey added.
On the trend in global commodity prices, the survey, quoting the World Bank and Food and Agriculture Organization (FAO), observed that although energy commodity prices rose in the FY 2018-19, food prices recorded fall in prices during the year. WPI-based food inflation too declined during 2018-19 globally, it said.
"The #EconomicSurvey2019 outlines a vision to achieve a $5 Trillion economy," the Prime Minister said in a tweet. He also said that the survey depicts the gains from advancement in the social sector, adoption of technology and energy security.
A Finance Ministry statement said the the theme of the survey is about enabling a shifting of gears towards sustained economic growth for objective of $5 trillion by 2024-25.
According to the survey, India's real GDP will have to grow consistently at 8 per cent to achieve the target of $5 trillion economy by 2024-25.
The survey said that international experience, especially from high-growth East Asian economies, suggests that such growth can only be sustained by a "virtuous cycle" of savings, investment and exports catalysed and supported by a favourable demographic phase.
Investment, especially private investment, is the "key driver" that drives demand, creates capacity, increases labour productivity, introduces new technology, allows creative destruction and generates jobs, it added.
"The real challenge lies in bringing adequate private investment across the country with the collaboration of public sector. Along with physical infrastructure; provision of social infrastructure is also equally important as these two would determine where India will be placed in the world by 2030," said the survey presented in Parliament by Finance Minister Nirmala Sitharaman on Thursday.
Public Private Partnerships are quintessential for addressing infrastructure gaps in the country, it added.
As per the survey for achieving the combined potential of "Industry 4.0 and Next Generation Infrastructure", it is necessary to get rid of the obstructions the sectors are facing.
"As an emerging economy, the scope for 'Industry 4.0 and Next Generation Infrastructure' is enormous. To experience the potential of the perfect blend of these two, it is necessary to clear the decks which are obstructing the way forward," it said.
According to the Economic Survey, Index of Industrial Production (IIP) registered 3.6 per cent growth in 2018-19 as compared to 4.4 per cent rate in 2017-18.
It attributed the moderation in IIP growth to the subdued manufacturing activities in Q3 and Q4 of 2018-19.
The overall index of eight core industries registered a growth of 4.3 per cent in 2018-19, similar to the increase achieved in 2017-18.
"There is a need for establishing an institutional mechanism to deal with time-bound resolution of disputes in the infrastructure sector," said the survey.
According to the survey, EVs hold enormous potential not only "because it is environment friendly but also because India can emerge as a hub of manufacturing" which will generate employment and growth opportunities.
"It may not be unrealistic to visualise one of the Indian cities emerging as the Detroit of EVs in the future," said the survey, tabled in the Parliament by Finance and Corporate Affairs Minister Nirmala Sitharaman on Thursday.
"Appropriate policy measures are needed to lower the overall lifetime ownership costs of EVs and make them an attractive alternative to conventional vehicles for all consumers."
Currently, the market share of electric cars in India is only 0.06 per cent whereas it is 2 per cent in China and 39 per cent in Norway.
Globally, the sales of electric cars have been rising at a fast pace from just over 2,000 units being sold in 2008 to over 10 lakh in 2017.
Besides, the survey highlighted that market share of EVs increases with higher availability of charging infrastructure.
"It, therefore, becomes important that adequate charging stations are made available throughout the road networks," the survey said.
"In India, the limited availability of charging infrastructure seems to be a major impediment to increased adoption of EVs," it said.
It said that reducing economic policy uncertainty is critical because both domestic investment and foreign investment are strongly deterred by increases in domestic economic policy uncertainty.
India has secularly decreased domestic economic policy uncertainty since 2012 and has been exceptional in reducing this uncertainty since 2015 amidst a global environment of increases in the same. "However, policymakers need to double down on reducing domestic economic policy uncertainty," the Survey said.
As per a global analysis, the global uncertainty index increased from 112 to 341 in 2018 whereas that of India remained below 100. Economic policy uncertainty, when measured using EPU index, was the highest in 2011-12, coinciding with the "years of policy paralysis".
Economic policy uncertainty has reduced significantly over the last decade in India.
The survey suggested that top-level policymakers must ensure that their policy actions are predictable, provide forward guidance on the stance of policy, maintain broad consistency in actual policy with the forward guidance, and reduce ambiguity/arbitrariness in policy implementation.
"To ensure predictability, the horizon over which policies will not be changed must be mandatorily specified so that the investor can be provided the assurance about future policy certainty," the annual document said.
After various coalition governments at the Centre, the Narendra Modi-led BJP crossed the majority mark on its own to form the government in 2014. It came back to power in May this year again after winning a landslide victory adding to stability and continuity in policies.
The Economic Survey, first of the new Modi government, has proposed construction of economic policy uncertainty sub-indices to capture economic policy uncertainty stemming from fiscal policy, tax policy, monetary policy, trade policy and banking policy.
"Tracking these sub-indices would enable monitoring and control over economic policy uncertainty," the survey said.
While investment remained the only tool to achieve this ambitious target, the CEA provided two options for government and the private sector as to where it can come from.
"We focus on trying to lay out the model so the economy growth path on 8 per cent is sustained," he said, adding "the opportunity for Indian companies is that internationally the cost of capital is slightly low, liquidity is very high there".
"So there is opportunity for private firms and sovereignty (government) as well to think about raising money abroad. We also can allow foreign investment to come in," Subramamanian said at the media briefing after the survey was tabled in Parliament.
"... to achieve the 8 per cent growth, investment as a percentage of GDP has to be in excess of 30 per cent... in China, it has reached over 50 per cent. We need to start investing close to 35 per cent. The current rate is 29.6 per cent, he said to a query on what the required investment rate is.
Principal Economic Advisor Sanjiv Sanyal, who was also present, said investment is the key.
"The question is how do we generate investment. FDI does matters, savings is a key economic driver," he said.
The CEA said: "We have been growing at a good rate but we now need to shift in gears to grow at 8 per cent continuously in a sustained manner. That is what the strategic growth rate is about. This growth rate we intend to achieve by setting the economy on 'Virtuous Cycle' with investment as the key driver of that cycle.
"India has been a bright spot in the world economy... growing at a rate higher than other major economies in the world. In the past five years, the benefit of growth has trickled down, macro-stability has been achieved. The country has not only registered high growth rates, the fiscal deficit has been under the glide path under the FRBM Act.
"Inflation has been under control, cooperative federalism has been furthered with states share increasing to 32 per cent and the GST Council has been a great example of that. The framework for corporate exits has been created through the IBC. These are the important structural reforms that have been enacted for the last five years."
Subramanian said this is the right time to take-off.
"The economy is now poised for take-off. Investment is the key driver of this blueprint and savings in a happening economy is the key enabler to investment. Investment leads to improvement in productivity, exports and job creation and all that lead to virtuous cycle of growth," he said.
He also said that it is time to think demand, jobs, and exports should be seen in totality as a system driven by investment.
The CEA's blueprint comes at a time when India's economic growth rate slowed to five-year low of 5.8 per cent in January-March 2018-19, due to poor performance in agriculture and manufacturing sectors. Private investment, consumption and demands are too slowing down, dragging the annual FY19 growth to 6.8 per cent.
Subramanian cited the example of the Chinese economy which has used the virtuous cycle of growth model to achieve high growth rates where savings, investments and exports as a ratio of their GDP rose simultaneously.
"In China and East Asia, high growth rates have been sustained by a growth model driven by a virtous cycle of savings, investment and exports, catalysed by a favourable demographic phase."
Earlier, he said the economy, in 2019-20, is expected to grow at 7 per cent, reflecting a recovery after a deceleration in the growth momentum throughout in 2018-19.
He stressed that the Economic Survey departs from traditional thinking to view the economy as being either in a virtuous or a vicious cycle, and not viewing the national priorities of economic growth, demand, exports and job creation as separate problems.
"Learning from the global financial crisis, the economy has been viewed as either in a virtuous cycle or a vicious cycle and therefore the concept of equilibrium economics has been disbanded.
"Second, rather than trying to tackle various economic challenges of demand, jobs, exports in silos, the Survey makes the case that these phenomena are all complementary. Therefore, creating the virtuous cycle with investment, especially private investment, as the main driver can enable growth in each of these important macro variable", he said.
Subramanian said it is important for India to remain in fiscal glide path.
"In the last five years, the government has done a very good job here. Therefore we anticipate that the path will be maintained. For the year 2019-20, the fiscal deficit target is 3.4 per cent and the government roadmap is to reduce the fiscal deficit, the gap between total expenditure and revenue, to 3 per cent of the GDP by 2020-21."
Even as headwinds continue to hurt various sectors, especially manufacturing, the Economic Survey has projected India would grow at 7 per cent in 2019- 20 and maintain its fastest growing large economy tag in the world.
"The year 2019-20 has delivered a huge political mandate for the government, which augurs well for the prospects of high economic growth. Real GDP growth for the year 2019-20 is projected at 7 per cent, reflecting a recovery in the economy after a deceleration in the growth momentum throughout 2018-19," it said.
Maintaining that both downside risks and upside prospects persist in 2019-20, the survey said that investment cycle is expected to pick up in FY20 on the back of higher credit growth and improved demand.
Further, the accommodative monetary policy is expected to reduce lending rates, provided the transmission mechanism improves. The decline in NPAs as a result of resolution of stressed assets is set to push the capex cycle.
The new Modi government's first survey flagship said that political stability in the country should push the animal spirits of the economy, while the higher capacity utilization and uptick in business expectations should increase investment activity in 2019-20.
Revival of consumption would, however, be key for growth.
The newly-launched PM Kisan scheme that promises to transfer Rs 6,000 cash in the bank accounts of rural households is expected to push rural wages, and hence demand.
"However, downside risks to consumption remain. The extent of recovery in farm sector and farm prices will decide the push to rural consumption, which is also dependent on the situation of monsoon," the survey noted.