Odisha is growing at a higher rate than India. The economy grew at 7.82 percent in 2022-23 which is higher than the pre-COVID average growth of 7.1 percent. The Odisha Economic Survey of 2022-23 provides a comprehensive picture of the State’s Economy.
Odisha has achieved impressive growth in the last two decades. Industry and service sectors have been the major engines of economic growth in the State in recent years. The economy grew at 7.82 percent in 2022-23 which is higher than pre-COVID average growth of 7.1 percent.
State of the Economy
Odisha is one of the fastest-growing States in India. The growth rate of Odisha is 7.8 percent in comparison to 7.1 percent at the Indian level during 2022-23. Odisha’s post-COVID growth revival is quite exemplary. In 2021-22, the State’s GSDP grew by 11.5 percent while India grew by 290 basis points lower than Odisha.
Odisha is growing at an average rate of 7.9 percent from 2013-14 to 2021-22. Odisha grows by a spectacular rate of 23.5 percent against 19.5 percent at the India level in 2021-22.
Odisha is one of the fastest growing States in India. In 2022-23, it is expected to grow at 7.8 per cent in comparison with 7.0 per cent at all India level.
Odisha’s per capita Income
Per Capita income in Odisha is growing at a rapid rate. The income per head of Odisha has multiplied thrice between 2011-12 and 2022-23 while at all India levels, it is by 2.7 times. Odisha’s per capita income grew at an annual compound rate of 10.9 percent while that of India grew by 150 basis points lower than Odisha during this period.
The economy of Odisha is performing well for quite some time despite recurrent natural disasters and the recent pandemic. This shows the strong resilience of Odisha’s economy.
On average during 2012-13 to 2022-23, Odisha has grown at a higher rate (6.5 per cent) than India (5.6 per cent).
Sectoral growth
Agriculture constituted 33 percent of GSVA again increased to 26 percent in 2020-21. On the other hand, both the Industry sector and the Services sector gained a share in 2020-21 relative to 1993-94.
Agriculture is the biggest employer which absorbs 52 percent of workers in the rural areas and 12 percent in the urban areas against its 26 percent share in GSVA in 2020-21.
In 2022-23, Agriculture and Allied sector is estimated to contribute 22.5 percent to GSVA and to grow at about 6 percent.
The industries sector has the highest share in the GSVA. Its share is estimated at 41.3 percent with growth
at 6.1 percent in 2022-23.
The Services Sector grew at a rate of 8.8 percent in 2022-23 as per advance estimates
Labour Force
56.5 percent of the population aged 15 years and above were in the labor force in Odisha in 2020-21, higher than the pre covid year. It is also higher than the all-India Labour Force Participation Rate (LFPR) of 54.9 percent.
The Worker Population Ratio (WPR) in Odisha which was 47.6 per cent in 2018-19 has gone up to 53.5 per cent registering higher WPR vis-Ã -vis India.
