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Economy of Odisha

Economy of Odisha
Bhubaneswar, the capital city of Odisha.
Statistics
Population4,70,00,000 (2023)[1]
GDP
  • ₹8.65 lakh crore (US$100 billion) (2023-24 est.) [2]
Increase
GDP rank14th (2021-22)
GDP growth
7.8% (2022-23 ) [3]
GDP per capita
₹150,676 (US$1,800) (2022-23) [4] Increase
GDP per capita rank
21st (2022-23)
GDP by sector
Agriculture 27%
Industry 32%
Services 41% (2012-21)[5]
7.1% [6]
Population below poverty line
Positive decrease11.07% 18th in poverty (2022-23)[7]
0.31 (2009-10)[8]
UnemploymentPositive decrease 1.7% (Nov 2020)[9]
Public finances
12.7% of GSDP (2022-23 RE)[5]
₹−17,878 crore (US$−2.1 billion) (3% of GSDP) (2020–21 est.)[5]
Revenues₹1.635 lakh crore (US$20 billion) (2022-23)[5]
Expenses₹2 lakh crore (US$24 billion) (2022-23)[5]

All values, unless otherwise stated, are in US dollars.

The economy of Odisha is one of the fastest growing economies in India.[10] According to 2014-15 economic survey, Odisha's gross state domestic product (GSDP) was expected to grow at 8.78%.[11] Odisha has an agriculture-based economy which is in transition towards an industry and service-based economy.

According to recent estimates, the size of Odisha's economy has increased by 122.27 per cent during the last six years in terms of the gross state domestic product (GSDP). Thereby, Odisha achieved an annual average growth rate of 6.23 per cent during that period.[12] Odisha is also one of the top FDI destinations in India. In the fiscal year 2011–12, Odisha received investment proposals worth ₹49,527 crore (US$9.296 billion).[13] According to the Reserve Bank of India, It received ₹53,000 crore (US$8.33 billion) worth of new FDI commitments in the 2012-13 fiscal year.[14]

  1. ^ "Population, Size and Decadal Change" (PDF). Primary Census Abstract Data Highlights, Census of India. Registrar General and Census Commissioner of India. Archived (PDF) from the original on 19 October 2019. Retrieved 5 December 2020.
  2. ^ "Odisha budget analysis 2023-24". PRS Legislative Research.
  3. ^ "Odisha budget analysis 2023-24". Indian Express.
  4. ^ "Odisha budget analysis 2023-24". Indian Express.
  5. ^ a b c d e "Odisha Budget Analysis 2020-21". PRS Legislative Research. Retrieved 2 March 2020.
  6. ^ "Odisha had highest inflation rates". The Economic Times. 19 April 2024.
  7. ^ "MULTIDIMENSIONAL POVERTY IN INDIA SINCE 2005-06" (PDF). Niti Aayog. 1 January 2024.
  8. ^ Vipin Sharma (24 January 2013). State of India's Livelihoods Report 2012. SAGE Publications. p. 26. ISBN 978-81-321-1095-8. Retrieved 25 May 2015.
  9. ^ "Unemployment Rate in India". Centre for Monitoring Indian Economy. Retrieved 3 November 2020.
  10. ^ Mohanty, Siba (2 December 2016). "Odisha's economic transformation touchstone of India's growth: Arun Jaitley". The New Indian Express. Retrieved 22 February 2024.
  11. ^ "Odisha GSDP to grow 8.78% in 2014-15: Economic Survey". Business Standard. 16 February 2015. Retrieved 25 May 2015.
  12. ^ Bisoyi, Sujit Kumar (22 February 2017). "Odisha economy increased by 22 per cent in last six years: Governor S C Jamir". The Times of India. Retrieved 22 February 2017.
  13. ^ "Odisha top FDI destination in FY12, Gujarat at No. 3: Assocham". NDTV. 28 August 2012. Retrieved 25 May 2015.
  14. ^ "RBI investment data overshoot Odisha figure four times". Business Standard. 17 September 2013. Retrieved 25 May 2015.

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