Odisha lags behind India by 12.4% in per capita income: Economic Survey Report
Report suggests that Odisha's economy is projected to grow by 8.5% in 2023-24, up from 7.9% in 2022-23, as per advance estimates.
Arpit Pattnaik
The per capita income of Odisha is less than India's, standing at ₹1,61,437 for 2023-24, which is 12.4% lower than India's per capita income of ₹1,84,205. This information is from the Economic Survey Report presented in the state assembly. The report also emphasizes that despite a 12.1% growth in Odisha's per capita income since 2015-16, the state ranks 11th among 17 major states.
The survey report further highlights the government's commitment to accelerate growth and development efforts to boost per capita income and contribute to the country's development goals.
The report projects an estimated 8.5% growth in the Odisha economy for 2023-24 compared to 7.9% in 2022-23, primarily driven by the industry and services sectors. It also notes a decrease in the multidimensional poverty headcount ratio in the state and significant progress in poverty reduction.
The industrial sector in Odisha is expected to grow at 8.7% in 2023-24, contributing 43.2% to the Gross State Value Added (GSVA). However, the report highlights that industrial activities are mainly concentrated in basic metal and mineral-based industries.
In terms of fiscal indicators, the report states that Odisha has managed to keep its key fiscal indicators within the prescribed limits. The fiscal deficit to GSDP (Gross State Domestic Product) ratio decreased from 3.5% in 2019-20 to 3.1% in 2023-24. Additionally, the debt ratio remained below the limit set by the Fifteenth Finance Commission and Odisha FRBM Act, 2005.
Finally, the report mentions that Odisha's mineral revenue reached ₹38,075 crore in 2022-23, providing the state with sufficient resources for developmental spending.
