Bhubaneswar: The results of transformation are clearly visible. Odisha’s economic growth trajectory is scaling new highs. The story of Odisha’s economic resurrection continuous with the state emerging as the leader in maximum development parameters. Today, it is being counted among the best performers in the country in terms of improving and expanding its economy and contributing to the nation’s growth. Propelled by the transformative efforts of the Government of Odisha led by Chief Minister Naveen Patnaik and the emergence of 5T Initiatives have helped the state to achieve a tremendous success. Today, adding another feather to its hat of economic successes, Odisha has become the 13th largest economy in India surpassing even Punjab and Bihar.
The latest report released by India Ratings has confirmed that Odisha has recorded a robust turnaround in its economy and stands among the best performers. The Report states that during the financial year 2022-23, Odisha became the 13th largest economy in the country. According to the India Ratings report, during FY 2004-05, Odisha’s economy was worth USD 1830 crore which increased to USD 4900 Crore during the year 2013-14. By the year 2022-23, Odisha’s economy rose to USD 9370 Crore. Today, Odisha stands ahead of many states including Punjab, Bihar, Assam, Chhattisgarh, Jharkhand, Uttarakhand, Himachal Pradesh, Goa, Tripura, Sikkim, Meghalaya, Arunachal Pradesh and Manipur.
The Per-capita income of Odisha has also increased significantly in the last two decades of transformative governance. The state’s Per-capita income has increased from USD 443 in FY 2004-05 to USD 1807 in FY 2022-23. The State’s position in terms of Per-capita income has improved from 23rd to 18th during this period.
According to the India Ratings, Maharashtra, Karnataka and Gujarat are likely to be $1 trillion economies by the financial year 2039. Tamil Nadu would be the next state to reach the $1 trillion club by FY 2041 if it continues with the present estimated nominal GSDP growth of 7.2 percent.
In an earlier report, the India Ratings had reported that, during the last six years, Odisha’s economic juggernaut has scaled new highs and the state has more than doubled its Gross State Domestic Product. Odisha’s economy grew the most between FY 2016 and FY2022 and the state more than doubled its economy in the last six years on a nominal basis.