Odisha: Economic Survey report laid before Assembly; state budget to be presented today
Jul 24, 2024
Bhubaneswar (Odisha) [India], July 25 : The State Economic Survey report of Odisha mentioned that the state's economy is estimated to grow at a rate of 8.5 percent in the financial year 2023-24, as per the advance estimate, in comparison to 7.9 per cent growth in 2022-23.
The growth, however, was concentrated in the industry sector and services sector, the report added.
The Economic Survey report, which was laid before the Assembly on Wednesday, also mentioned that the state's per-capita income is estimated to be Rs 1,61,437, which is 12.4 percent less than India's per capita income of Rs 1,84,205.
While the state's per-capita income since 2015-16 has grown at a CAGR of 12.1 per cent, Odisha still ranks 11th among 17 major states.
The agriculture and allied sectors are estimated to grow by 3.5 percent in 2023-24, which contributed 20.4 percent to the Gross State Value Added (GSVA). The state needs to take measures towards crop diversification to enhance productivity and farmers' income.
Similarly, the industry sector is expected to grow at 8.7 per cent as per the advance estimate, contributing 43.2 per cent to the GSVA.
However, industrial activities in Odisha are concentrated mainly in basic metal and mineral-based industries. It needs to put more concerted effort into diversifying from mineral-based industries to other value-added industries.
The services sector is estimated to grow at 9.2 per cent in 2023-24, contributing around 36 per cent to the state economy with an employment share of 26 per cent of the total workforce.
