Odisha’s Economy to Grow by 8.5% in 2023-24: Economic Survey Report
Bhubaneswar: Odisha’s economy is expected to grow by 8.5% in 2023-24 compared to 7.9% growth in 2022-23, according to the Economic Survey Report. The state’s per capita income is estimated at Rs 1,61,437 for 2023-24, which is 12.4 per cent lower than the national per capita income of Rs 1,84,205, the report stated. NITI Aayog [...]
Bhubaneswar: Odisha’s economy is expected to grow by 8.5% in 2023-24 compared to 7.9% growth in 2022-23, according to the Economic Survey Report.
The state’s per capita income is estimated at Rs 1,61,437 for 2023-24, which is 12.4 per cent lower than the national per capita income of Rs 1,84,205, the report stated.
NITI Aayog reports that Odisha’s multidimensional poverty headcount ratio has decreased from 29.3 per cent in 2015-16 to 15.7 per cent in 2019-21, lifting over 62 lakh individuals out of multidimensional poverty. However, Odisha is ranked 6th among 17 major states in terms of poverty prevalence.
Agriculture and related sectors, contributing 20.4 per cent to the Gross State Value Added (GSVA), are expected to grow by 3.5 per cent in 2023-24. The state is advised to pursue crop diversification to increase productivity and farmers’ incomes.
The industrial sector is forecasted to expand by 8.7 per cent in 2023-24, accounting for 43.2 per cent of the GSVA. Despite this, industrial activities in Odisha are predominantly focused on basic metals and minerals. There is a need for a concerted effort to shift from mineral-based industries to a broader range of value-added sectors, the report added.
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