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Odisha's GSDP Grew at 10.1% in 2021-22, Faster Than National Growth Rate: Economic Survey

The survey report also noted that Odisha's per capita income grew faster than India's over the past five years and that inflation rates in the state are currently well below the national average.

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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”.

Patnaik 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”.

When 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.