According to the State Economic Survey report of Odisha, the state’s economy is projected to grow by 8.5 percent in the financial year 2023-24, up from 7.9 percent growth in 2022-23. This growth, however, is largely concentrated in the industry and services sectors.
Presented to the Assembly on Wednesday, the report also highlights that Odisha’s per-capita income is estimated at Rs 1,61,437, which is 12.4 percent lower than India’s per capita income of Rs 1,84,205. Despite a compound annual growth rate (CAGR) of 12.1 percent in per-capita income since 2015-16, Odisha ranks 11th out of 17 major states.
The agriculture and allied sectors are projected to grow by 3.5 percent in 2023-24, contributing 20.4 percent to the Gross State Value Added (GSVA). The state is advised to focus on crop diversification to boost productivity and farmers’ income.
The industry sector is expected to grow by 8.7 percent, contributing 43.2 percent to the GSVA. However, industrial activities in Odisha are primarily centered around basic metal and mineral-based industries, suggesting a need for more diversification into value-added industries.
The services sector is anticipated to grow by 9.2 percent in 2023-24, contributing approximately 36 percent to the state’s economy and employing 26 percent of the total workforce.
