Odisha's economy grew at 8.5 pc in FY 2023-24: Economic Survey Report

Bhubaneswar, Jul 24 (PTI) Odisha's economy grew at 8.5 per cent in the 2023-24 financial year, according to the latest Economic Survey report.

The state's economy grew at 7.9 per cent in the 2022-23 fiscal, it said.

The survey report, tabled in the state assembly on Wednesday, said that the size of Odisha's economy was estimated to be at Rs 8.3 lakh crore in the 2023-24 fiscal or around USD 100.6 billion.

In the 2023-24 fiscal, Odisha's per capita income was Rs 1,61,437, which was 12.4 per cent less than India's per capita income of Rs 1,84,205.

Among the 17 major states, Odisha ranked 11th in terms of per capita income according to 2022-23 estimates. The top five states were Telangana, Karnataka, Haryana, Tamil Nadu and Gujarat. The average per capita income of these top five states was nearly Rs 2.92 lakh in 2022-23.

Odisha's agriculture and allied sectors grew at 3.5 per cent, contributing 20.4 per cent to the Gross State Value Added (GSVA).

Agriculture and allied sectors serve as the primary source of livelihood for a substantial proportion of Odisha's population, with over 48 per cent of the workforce dependent on agriculture and allied sectors.

With more than 80 per cent of the population residing in rural areas where agriculture is the principal source of income, consumption demand in rural areas gets positively impacted by higher agricultural growth, the report said.

The report suggested greater emphasis on livestock, horticulture, and fisheries to enhance diversification of agriculture and allied sector.

Similarly, the industrial sector in Odisha grew at 8.7 per cent in the 2023-24 fiscal, contributing 43.2 per cent to the GSVA, it said.

The mining sector in Odisha contributes significantly to the state's economy directly as well as indirectly through strong manufacturing, the report said.

The service sector grew at 9.2 per cent in the 2023-24 fiscal, contributing 36.3 per cent to the state's economy, with an employment share of 26 per cent of the total workforce.

In the fiscal year 2022-23, merchandise exports from Odisha reached nearly Rs 90,000 crore, ranking the state 10th among the 17 major states, with a 2.5 per cent share of the national total.

According to NITI Aayog, the multidimensional poverty headcount ratio in Odisha has declined from 29.3 per cent in 2015-16 to 15.7 per cent in 2019-21. More than 62 lakh people escaped multidimensional poverty in the state between 2015-16 and 2019-21. However, Odisha ranks sixth among the major 17 states with a high incidence of poverty headcount, as per the survey report.

Odisha has been able to keep its key fiscal indicators within the Fiscal Responsibility and Budget Management (FRBM) limit. Odisha's fiscal deficit to GSDP ratio declined from 3.5 per cent in 2019-20 to 3.1 per cent in 2023-24 (budget estimation).

Foodgrain production in Odisha has reached 141.4 lakh metric tonnes in 2022-23, growing 24.2 per cent from 113.8 lakh MT in 2021-22. Odisha is the fifth largest rice producing state in the country with 7 per cent share in total rice production in India as of 2021-22.

Agriculture credit disbursement has also increased in the state from Rs 8,520 crore in 2011-12 to Rs 5,4717 crore in 2022- 23.

Meat production in the state has increased to 226.9 thousand MT in 2022-23 against 216.2 thousand MT in 2021-22. The state's milk production has increased to 24.8 lakh metric tonnes (LMT) in 2022-23 from 24 LMT in 2021- 22.

However, the per capita availability of milk and eggs in the state is lower than the all-India average.

Similarly, the life expectancy rate in Odisha has increased by 9.9 years from 60.4 years in 2000-2004 to 70.3.

years in 2016-2020 as per data from the Sample Registration System (SRS). However, there are seven states, out of 17 major states, where the life expectancy is more than Odisha.

In 2023-24, inflation in Odisha was 6.5 per cent, which was higher than the all-India average of 5.4 per cent. In comparison with 17 major states, the inflation in Odisha was the second highest. Haryana reported inflation of 6.6 per cent, higher than Odisha.

Major contributors to the state's exports are metallurgical products (69.1 per cent), minerals (15.2 per cent), and engineering, chemical and allied products (9.6 per cent). Other exports include marine products (4.9 per cent) and textiles (0.6 per cent). PTI BBM BBM ACD