Odisha economy grows by 10.1% : State Economic Survey report

Odisha

Odisha economy grows by 10.1% : State Economic Survey report

March 30, 2022

Budget Session Of Odisha's Assembly Starts From Today

Odisha’s economy has registered a sharp recovery in 2021-22 with Gross State Domestic Product (GSDP) clocking a growth rate of 10.1%, informed by the Odisha Economic Survey which was tabled in the Assembly.

According to the reports, it said “It is one of the fastest-growing states in the country and has registered a growth rate much higher than India’s Gross Domestic Product growth rate of 8.8% as per the first advance estimate. While India’s real GDP grew by 1.6% from 2019-20 to 2021-22 leaving aside the COVID year of 2020-21, the comparable figure for Odisha is 4.2%. Not only Odisha’s recovery process is faster, but it is also more broad-based.”

Stating that Odisha faced the adverse impact of COVID-19 with the GSDP contracting by 5.3% in 2020-21 against a contraction of 6.6% in India’s GDP, the report says the State’s demonstrated far more resilience and reverted to the pre-pandemic level much faster.

The survey has projected that the GSDP could grow by 9-9.5% in 2022-23 if there is normal monsoon, no furthermore damaging waves of coronavirus mutations and induced economic disruption, stable oil prices and steadily easing of the supply chain.

“The average growth of Odisha’s per capita income over the last 10 years (2012-13 to 2021-22) is 10.3% against 9.15% growth rate in the case of India. Odisha’s per capita income of ₹48,499 in 2011-12 has reached ₹1,27,383 in 2021-22,” the survey says.

The report further added that between 2011-12 and 2019-20, there are only nine States, including Odisha, whose per capita income rank has improved, while in the case of 10 States, there is no change in rank and another 10 States have dropped in per capita income ranking. The improvement in per capita income has been mostly driven by growth in industry (14.5%) and service sector (7.9%).

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