Odisha’s Economy to Grow by 8.5% in 2023-24
The State Economic Survey report of Odisha has projected that the state’s economy will grow at a rate of 8.5% in the financial year 2023-24. This is an increase from the 7.9% growth seen in 2022-23. The growth is mainly concentrated in the industry and services sectors.
Per-Capita Income
The report, presented to the Odisha Legislative Assembly, estimates the state’s per-capita income to be Rs 1,61,437. This is 12.4% less than India’s average per-capita income of Rs 1,84,205. Since 2015-16, Odisha’s per-capita income has grown at a compound annual growth rate (CAGR) of 12.1%, ranking it 11th among 17 major states.
Agriculture Sector
The agriculture and allied sectors are expected to grow by 3.5% in 2023-24, contributing 20.4% to the Gross State Value Added (GSVA). The report suggests that the state should focus on crop diversification to improve productivity and farmers’ income.
Industry Sector
The industry sector is projected to grow by 8.7%, contributing 43.2% to the GSVA. However, industrial activities are mainly concentrated in basic metal and mineral-based industries. The report recommends diversifying into other value-added industries.
Services Sector
The services sector is estimated to grow by 9.2% in 2023-24, contributing around 36% to the state economy and employing 26% of the total workforce.
Doubts Revealed
Odisha -: Odisha is a state in eastern India, known for its rich culture, history, and natural resources.
Economy -: An economy is the system of how money is made and used within a particular country or region.
8.5% -: This percentage represents the growth rate, meaning Odisha’s economy is expected to become 8.5% larger in 2023-24 compared to the previous year.
Economic Survey -: An Economic Survey is a report that provides detailed information about the economic performance of a region or country.
Financial year -: A financial year is a 12-month period used for budgeting, accounting, and financial reporting. In India, it starts on April 1 and ends on March 31 of the next year.
Per-capita income -: Per-capita income is the average income earned per person in a specific area in a given year.
Rs 1,61,437 -: This is the estimated average income per person in Odisha for the year, expressed in Indian Rupees (Rs).
Industry sector -: The industry sector includes businesses that produce goods, such as factories and manufacturing plants.
Services sector -: The services sector includes businesses that provide services rather than goods, like banking, education, and healthcare.
Agriculture -: Agriculture involves farming and the production of crops and livestock.
Diversifying crops -: Diversifying crops means growing a variety of different crops instead of just one, to improve productivity and reduce risks.