New Delhi: The Odisha Economic Survey 2021-22, tabled in the state assembly on Tuesday, March 29, revealed that the economic growth in the state is taking place at a faster rate than that of the country as a whole.In the year 2021-22, Odisha’s Gross State Domestic Product (GSDP) grew at 10.1% compared to India’s purported GDP growth of 8.8% in the same year.Calling the growth rate “spectacular”, chief minister Naveen Patnaik said on Twitter that the state has averaged growth of 9.2% from FY17-FY22, “leaving aside the COVID19 year”.With prudent financial planning, #Odisha’s GSDP grew at 10.1% in 2021-22 compared to 8.8% growth in India’s GDP. Odisha economy continues to grow at a spectacular rate averaging a real growth rate of 9.2%, from FY17 to FY22, leaving aside the #COVID19 year.#EcoSurveyOdisha22 pic.twitter.com/Dc5DxlfBO0— CMO Odisha (@CMO_Odisha) March 29, 2022Patnaik also noted that the state’s per capita income grew at 11.6% from FY16-FY22 compared to India’s per capita income growth at 8% over the same period. The chief minister attributed this to “rapid economic growth, capital investment and employment generation”.With rapid economic growth, capital investment, employment generation, #Odisha’s per capita income grew at 11.6% between FY16 to FY22, compared to 8% growth at national level. Odisha’s per capita income grew from ₹48,499 in 2011-12 to ₹1,27,383 in 2021-22. #EcoSurveyOdisha22 pic.twitter.com/NiZMxl3nK4— CMO Odisha (@CMO_Odisha) March 29, 2022When compared to the previous year alone, the per capita income growth looks even more impressive at 16.8%. However, it should be noted that the per capita income of the state was negative at -0.9% in 2020-21 and thus, an increase compared to that year is expected to be large.In absolute terms, the state’s per capita income reached Rs 1,27,383 in 2021-22 from Rs 48,499 in 2011-12. During the same period, India’s per capita income grew to 1,50,326 in 2021-22 from Rs 63,462 in 2011-12.While the nation’s per capita income is greater in absolute terms, Odisha’s is growing fast. According to a Times of India report, from 2011 to 2022, Odisha’s per capita income has gone from being 76% of that of India to 84.7%.Additionally, the Economic Survey report noted that the state’s unemployment rate stood at 6.2% compared to India’s 4.8% and in 2021-22, the inflation rate stood at 2.7% compared to 5.3% at the national level.The report projected a GSDP of 9-9.5% in 2022-23, contingent upon a normal monsoon, no unexpected COVID-19 waves, stable oil prices and a steady supply chain. The last two may not be foregone conclusions given the ongoing situation vis-a-vis Russia’s invasion of Ukraine.
