Bhubaneswar: The real economic growth of the State is estimated at 7.2 per cent in 2024-25 which is higher than all India growth rate of 6.4 per cent, as per Economic Survey report for 2024-25.
The report, which was laid before the State Assembly today, says that State’s economy size proxied by GSDP at current prices is estimated to be Rs 9.5 lakh crore in 2024-25 which has increased by 10% from 8.6 lakh crores in 2023-24.
All the sectors have shown robust growth in 2024-25 and the State is poised for rapid growth in the years ahead. Higher capital investment and investment intent received through Utkarsh Odisha would further increase growth rate in the State in future, it said.
Similarly, the per capita income has increased by 10.6 per cent to reach Rs 1,82,548 in 2024-25 (AE) while per capita income at All India level has gone up by 8.7%. The State’s per capita income is 8.8 percent less than India’s per capita income of Rs 2,00,162 in 2024- 25 and on a convergent path.
Agriculture and allied sector have registered a robust growth rate of 3.3 per cent in 2024-25, which contributed 19 percent to Gross State Value Added (GSVA). Agriculture sector in Odisha is growing on an average higher than India. Over the last five years, the agriculture sector in Odisha grew at 7% while in India it grew at 4.1%.
Foodgrains production in Odisha has reached a record high of 143 lakh metric tonnes (MT) in 2023-24 from 116.9 lakh MT in 2019-20, reflecting average growth rate (CAGR) of 5.2 per cent.
The industry sector in Odisha is expected to grow at 6.1 per cent in 2024-25 as per advance estimates contributing 43.9 per cent per cent to the Gross State Value Added (GSVA).
Investment in the industrial sector witnessed a sharp rise in the State in 2024-25 which will further increase industrial growth rate in the State. Between June 2024 and January 2025, the State government approved 133 new investments worth more than Rs 2.4 lakh crores with employment potential of more than 1.8 lakh.
Further, investment commitments worth Rs 16.7 lakh crores were received in Utkarsh Odisha 2025. This will create employment opportunities for 12.9 lakh people across 20 sectors.
Similarly, State’s mineral production grew at an annual compound growth rate of 21.4 per cent in between 2017-18 to 2023-24, which is the highest among major mineral-producing states. Odisha contributes 45% of national major mineral production as of 2023-24.
The merchandise exports from Odisha have increased from Rs 47.2 thousand crores in 2019-20 to Rs 98.8 thousand crores in 2023-24, growing at a CAGR of 20.3 per cent.
The services sector is estimated to grow at 10 per cent in 2024-25 (AE) contributing around 37.1 per cent to the State economy.
Further, the State allocated nearly Rs 58,195 crores towards capital outlay in 2024-25 (BE), which is 6.1 per cent of GSDP. The State has the highest capital outlay to GSDP among major states in India.
Odisha has adhered to prudent fiscal management principles that include keeping the fiscal deficit of 3.4 per cent and revenue surplus of 2.9 per cent of GSDP in 2024-25 BE within prescribed limits, ensuring high-quality expenditure, maintaining debt at a sustainable level.
The State has maintained its debt-to-GSDP ratio below the 25 per cent threshold prescribed by the Central Finance Commission and Odisha’s FRBM Act, 2005. The debt-to-GSDP ratio stood at 13.2 per cent in 2024-25 (BE) which is lowest among all major states in India.
Because of prudent fiscal management, Odisha tops among States in the Fiscal Health Index (FHI) 2025, published by the NITI Aayog, with the highest overall FHI score of 67.8.