Odisha's economy projected to grow by 7.8% during 2022-23

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IANS | 23 Feb, 2023
Odisha's economy is projected to grow by 7.8 per cent in real terms during the financial year 2022-23 against 7 per cent at the all-India level, as per the advance estimates.

According to the Odisha economic survey report for FY 2022-23, it is one of the fastest growing states in the country.

In 2021-22, the state's GSDP grew by 11.5 per cent while the country grew by 290 basis points lower than Odisha.

Odisha's growth resilience is reflected in its average medium-term growth rate of 7.9 per cent from 2013-14 to 2021-22, leaving aside the Covid year.

In nominal terms (growth in current price), Odisha grew by a rate of 23.5 per cent against 19.5 per cent at the all-India level in 2021-22, the report said.

The per capita income of the state has multiplied by thrice between 2011-12 and 2022-23 while at all India level, it is multiplied by 2.7 times. Odisha's per capita income grew at an annual compound rate of 10.9 per cent while that of the country grew by 150 basis points lower than the state during this period, the report said.

The present (2022-23 annual estimation) per capita income in the state is Rs 150,676 in current prices as against the all-India average per capita income 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 national level from 31.6 per cent in 2015-16 to 12 per cent in 2022-23.

The survey report also said that the state's economy recovered from Covid-19 induced economic shocks in 2022-23. But, due to Russia-Ukraine war led disruption in global supply chains and upward movement in energy and other commodity prices, the inflation 2022-23 has gone up. In Odisha, the average inflation till December 2022 was 6.56 per cent higher than 3.7 per cent in 2021-22.

The agriculture sector is estimated to grow at 6 per cent in 2022-23 in real terms. This is significantly higher than the growth experienced at the all-India level (3.5 per cent).

The industry sector, which has been the key growth driver in the state, has experienced a growth of 6.05 per cent in 2022-23 while the service sector grew by 8.79 per cent in the current year, as per the advance estimates.

The state has been under revenue surplus continuously for the last 17 years since the enactment of the Fiscal Responsibility and Budget Management Act (FRBM). The total outstanding liabilities as percentage of GSDP stood at 15.6 per cent in 2022-23, it said.