Odisha’s economy is projected to grow at 7.8 per cent during 2022-23 as against 7 per cent at All India level

Bhubaneswar23/2/23: Odisha’s economy is projected to grow at 7.8 per cent during 2022-23 as against 7 per cent at All India level as per the advance estimates. The state has also improved its share in India’s Gross Domestic Product (GDP), recording a rise from 2.64 per cent in 2011-12 to 2.8 per cent in 2022-23.

Odisha is also rapidly bridging the distance with some of the high-income States and is progressing at a fast pace, according to the Odisha Economic Survey (2022-23) report tabled in the Assembly on Thursday.

Odisha’s growth performance in 2022-23, despite unfavourable global conditions, is one of the highest. During the pre-COVID period (2012-13 to 2019-20), the average growth rate of Odisha’s economy was 7.1 per cent. The decade of 2021-30 is expected to work in favour of India given its demographics structure, usage of technology, push for innovation, competitive and cooperative federalism, stable government.

Odisha has all the resources to benefit from a high growth environment in the country and deliver prosperity for all. Assuming a normal monsoon, no further disruption to global supply chains and moderation in inflation, Odisha can grow in the range of 8 to 83 per cent in 2023-24 in real terms. The high growth achieved by Odisha needs to be contrasted with the gloomy and uncertain global macroeconomic situation.

As per the World Bank’s estimates, the global economy grew by 2.9 per cent in 2022. There are several factors responsible for such growth moderation, i.e., resurgence of COV1D-19 cases in China, Russia-Ukraine conflict disrupting the global supply chains and pushing up the commodity prices. In such uncertain times, Odisha has stood strong.

However, a global recovery as well as strong rebound of India would augur well for the State in future, said the survey report.