E-Paper
Odisha economic survey projects 7.82% growth in 2022-23
The Odisha Economic Survey Report said the services sector grew at 8.79 % in 2022-23, accounting for 36.2 % of Gross State Value Added (GSVA)
The Odisha Economic Survey Report presented in the State Assembly on Thursday said the state’s economy is projected to grow by 7.8 % in real terms during 2022-23 against 7 % at all-India level as per the advance estimates.
The report said the services sector grew at 8.79 % in 2022-23, accounting for 36.2 % of Gross State Value Added (GSVA).
It added that the services sector which accounted for 24.7 percent of total workforce in 2020-21 was gradually moving towards pre-pandemic levels. Trade, repair, hotels & restaurant accounted for the highest share within the services sector in the state.
Though hotels, restaurant and air transport were affected largely due to COVID-19 induced lockdown, these services subsectors have recovered immensely since then.
In 2022-23, hotels and restaurants grew at 37.1 per cent on top of 62.7 per cent growth in the preceding year, i.e., 2021-22. Similarly, on the back of rapid recovery and strengthening of airport infrastructure in the state, the sub-sector of air transport is expected to grow at 58 per cent in 2022-23 (AE) over the 75.2 per cent growth in 2021-22.
Odisha’s per capita income (2022-23 AE) also rose to ₹150,676 at current prices from ₹1,27383. The report said in the last 7 years, the state has successively reduced the gap between Odisha’s per capita income and per capita income at the all-India level from 31.6 % in 2015-16 to 12 % in 2022-23.
The industrial sector which is the key growth driver of Odisha constituting nearly 41.3 % of GSVA in 2022-23 (AE), clocked a groeth rate of 6.05 % in 2022-23 in real terms. The key growth driver within industry was the manufacturing sector which although grew at 5.2 % in 2022-23, has grown at 9.1 % since 2012-13 on an annual average basis.
The agriculture sector constituting 22.5 % of GSVA in 2022-23 (AE) was estimated to grow at 6 % in 2022-23 in real terms, higher than the growth experienced at the all-India level (3.5 %). Nearly 46.8 per cent of workforce were employed in the agriculture and allied sector.
The economic survey pointed that targeted government spending by the state government was contributing to the overall GSVA growth. Contribution of public administration to overall GSVA growth is higher in the state on an average as compared with top five high income states during 2012-13 to 2021-22. Capital Outlay as percent of GSDP in the state was one the highest among the major states creating a solid ground for the private sector to flourish and boost economic activity in the state.
“Glad to share that #Odisha’s Per Capita Income has grown more than three times since 2011-12. It is growing much faster than national level & shrinking the gap vis-à-vis national level, which will ensure that fruits of our welfare initiatives reach everyone,” chief minister Naveen Patnaik said in a tweet later in the day.
