According to the latest Economic Survey report, Odisha’s economy expanded by 8.5% in the fiscal year 2023-24. The state’s Gross Domestic Product (GDP) reached approximately Rs 8.3 lakh crore (USD 100.6 billion). In this period, the agriculture sector grew by 3.5%, while industry and services sectors recorded growth rates of 8.7% and 9.2%, respectively.
Despite these positive growth figures, Odisha’s per capita income in the fiscal year 2023-24 stood at Rs 1,61,437, which was 12.4% lower than India’s average per capita income of Rs 1,84,205. In terms of per capita income rankings among major states, Odisha was positioned 11th based on 2022-23 estimates, with states like Telangana, Karnataka, Haryana, Tamil Nadu, and Gujarat occupying the top five spots, averaging nearly Rs 2.92 lakh per capita income.
The agriculture and allied sectors, contributing 20.4% to the Gross State Value Added (GSVA), play a crucial role in Odisha’s economy, supporting over 48% of the state’s workforce. The report highlighted that agriculture serves as the primary livelihood for a significant proportion of Odisha’s rural population, impacting rural consumption positively with over 80% of the population residing in rural areas.
Overall, while Odisha’s economy demonstrated robust growth across key sectors in the fiscal year 2023-24, challenges such as lower per capita income compared to the national average and persistently high inflation remain areas of concern.
In order to improve the diversification of agriculture and related sectors, the report recommended placing more emphasis on cattle, horticulture, and fisheries.
According to the report, Odisha’s industrial sector grew by 8.7% during the 2023–24 fiscal year and contributed 43.2% of the state’s gross state product.
According to the report, Odisha’s mining industry makes a substantial direct and indirect contribution to the state’s economy through robust manufacturing.
In the fiscal year 2023–2024, the service industry expanded by 9.2%, making for 36.3% of the state’s total GDP and employing 26% of the labor force.
With about Rs 90,000 crore in merchandise exports for the fiscal year 2022–2023—roughly the 2.5 percent share of the national total—Odisha ranked 10th out of the 17 major states
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