Odisha financial system grew by 7.8 per cent in 2022-23, to cross 8 per cent subsequent fiscal

By Express News Service

BHUBANESWAR: Odisha’s financial system has registered a formidable progress charge of seven.82 per cent in actual phrases towards the nationwide common of seven per cent within the present fiscal 2022-23 and is poised to develop even quicker at eight to eight.5 per cent in 2023-24, the state’s financial survey report has projected.

The Odisha Economic Survey 2022-23 report tabled within the Assembly on Thursday said that the financial progress of the state through the present fiscal has even surpassed the pre-Covid common of seven.1 per cent from 2012-13 to 2019-20.

“The economy of Odisha is performing well for quite some time despite recurrent natural disasters and the recent Covid pandemic. This shows the strong resilience of the state. Odisha’s economy has made a remarkable rebound with GSDP growth of 11.5 per cent in 2021-22 in real terms,” the report mentioned.

It projected the financial system to develop at eight per cent to eight.5 per cent in actual phrases in 2023-24 by harnessing human, pure, and monetary assets and strengthening the productive base. “Having more than 35 per cent of the country’s natural resources and huge reserves of iron ore, bauxite, coal and other natural resources with a skilled workforce, the state would continue to grow at a faster rate,” it emphasised.

The per capita revenue (PCI) of the state additionally grew at an annual compounding charge of 10.9 per cent and has successively diminished its hole with India’s PCI. Odisha’s PCI has grown at a Compound Annual Growth Rate (CAGR) of 10.9 per cent whereas India’s PCI grew at  9.4 per cent in nominal phrases since 2011-12. As per precise estimates, the PCI of Odisha for the present fiscal was Rs 1,50,676 as towards the nationwide charge of Rs 1,70,620.

With a PCI of Rs 64,835 in 2015-16, the state was 32 per cent decrease than the Rs 94,797 PCI of the nation. Within seven years, the hole has been diminished to 11.7 per cent in 2022-23.

“Odisha, in the shortest possible time, is going to converge and exceed India’s per capita income bringing all-round prosperity driven by growth, innovation, technology,  governance, institutional innovation and effective decentralization,” the report mentioned.

The agriculture and allied sectors which represent practically 22.5 per cent of gross state worth added (GSVA) and make use of greater than 40 per cent of the workforce are anticipated to develop at 5.9 per cent in 2022-23 as towards 3.5 per cent on the all-India degree.

“Due to proactive measures of the government of Odisha, the agriculture and allied sectors grew at nearly double rate than all-India at 6.3 per cent in real terms in 2020-21,” the report mentioned.

BHUBANESWAR: Odisha’s financial system has registered a formidable progress charge of seven.82 per cent in actual phrases towards the nationwide common of seven per cent within the present fiscal 2022-23 and is poised to develop even quicker at eight to eight.5 per cent in 2023-24, the state’s financial survey report has projected.

The Odisha Economic Survey 2022-23 report tabled within the Assembly on Thursday said that the financial progress of the state through the present fiscal has even surpassed the pre-Covid common of seven.1 per cent from 2012-13 to 2019-20.

“The economy of Odisha is performing well for quite some time despite recurrent natural disasters and the recent Covid pandemic. This shows the strong resilience of the state. Odisha’s economy has made a remarkable rebound with GSDP growth of 11.5 per cent in 2021-22 in real terms,” the report mentioned.

It projected the financial system to develop at eight per cent to eight.5 per cent in actual phrases in 2023-24 by harnessing human, pure, and monetary assets and strengthening the productive base. “Having more than 35 per cent of the country’s natural resources and huge reserves of iron ore, bauxite, coal and other natural resources with a skilled workforce, the state would continue to grow at a faster rate,” it emphasised.

The per capita revenue (PCI) of the state additionally grew at an annual compounding charge of 10.9 per cent and has successively diminished its hole with India’s PCI. Odisha’s PCI has grown at a Compound Annual Growth Rate (CAGR) of 10.9 per cent whereas India’s PCI grew at  9.4 per cent in nominal phrases since 2011-12. As per precise estimates, the PCI of Odisha for the present fiscal was Rs 1,50,676 as towards the nationwide charge of Rs 1,70,620.

With a PCI of Rs 64,835 in 2015-16, the state was 32 per cent decrease than the Rs 94,797 PCI of the nation. Within seven years, the hole has been diminished to 11.7 per cent in 2022-23.

“Odisha, in the shortest possible time, is going to converge and exceed India’s per capita income bringing all-round prosperity driven by growth, innovation, technology,  governance, institutional innovation and effective decentralization,” the report mentioned.

The agriculture and allied sectors which represent practically 22.5 per cent of gross state worth added (GSVA) and make use of greater than 40 per cent of the workforce are anticipated to develop at 5.9 per cent in 2022-23 as towards 3.5 per cent on the all-India degree.

“Due to proactive measures of the government of Odisha, the agriculture and allied sectors grew at nearly double rate than all-India at 6.3 per cent in real terms in 2020-21,” the report mentioned.