Bhubaneswar: To realise the dream to build Vikashit Odisha by 2026, M. Nagaraju, Secretary, Department of Finance Services, Government of India, today asked all banks operating to partner with the state in this growth story.
Shri Nagaraju has given these instructions to the State head of the banks while addressing at the National Summit on “Envisioning Viksit Odisha 2036: A Roadmap for Sustainable Growth and Development” organised by Indian Chamber of Commerce(ICC) here today.
ICC Chief Rajib Sekhar Sahoo chaired meet. Shri Sahoo sought co-operation of DFS Secretary for development of Industry and MSME Sector in Odisha.
Minister Works, Prithiviraj Harichandan, BJP MP Bhartruhari Mahatab, Development Commissioner Anu Garg, ACS Industries and MSME Hemant Sharma and others graced the occasion.
Robust banking system is well positioned in Odisha and plays a very important role in development of the State, he said.
The State has a very diverse banking system comprising both private and public sector banks, regional rural banks, small finance banks and cooperative banks, he said.
He informed that 6,348 bank branches along with 34,468 banking correspondents and 7,000 ATMs are there in Odisha
The State has also transformed in financial inclusion. The credit to deposit ratio in Odisha has been constantly improving and stood at 75.44 percent reflecting increase in financial penetration in the State, Shri Nagaraju stated.
The expansion of the banking correspondent network has heavily boosted financial inclusion in the rural areas, the Secretary said.
SHGs also play a great role in enhancing the credit linkages in rural areas led by cooperative banks, PACSs, festering livelihood and employment generation. About 95.7 percent of the population above 18 years in Odisha have bank accounts, surpassing the average of major states–95.2 percent, he noted.
Similarly, 95.5 percent of women have bank accounts in the State. Under the PM Jan Dhan Yojana, Odisha has created 2.3 crore bank accounts including 1.3 crore female account holders and the total deposit is Rs 11,500 crore as on April 2025, the DFS Secretary pointed out.
Stating that Odisha has also done well in extending credit to MSMEs under PM Mudra Yojana, he said, “1.55 lakh crore has been sanctioned to 3.38 crore beneficiaries in Odisha.”
The State is also a front runner in Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana, Stand Up India, Atal Pension Yojana, PM Swanidhi, PM Viswakarma and PM Vidyalaxmi
The cumulative investment in all these schemes is encouraging and higher than the national average and surpassed most major states in terms of percentage, he added.
Speaking about digital payment, he said, the situation in Odisha is very promising with onboarding of 24 lakh merchants in BHIM UPI while 7.26 lakh in other UPIs.
Advances to MSMEs in Odisha has grown from Rs 41,000 crore in 2019-20 to Rs 90,000 crore during the last financial year, which is one of the highest in the country, he said.
As on September 2024, MSMEs in Odisha have achieved Rs 58,000 crore in annual target plan for the year 2024-25, reaching 56.9 percent of total target of Rs 1 lakh crore, he noted.
In his initial remarks, Shri Nagaraju said, Odisha is a natural gateway to east and south Asia and with 450 km of coastline with three major ports at Paradip, Dhamra and Gopalpur, the State offers connectivity for sea-based trades
Now, the cargo handling of these three ports is about 100 million tonnes and there is also an expansion plan in the three ports.
Odisha is the first linguistic based state and is going to complete 100 years of formation in 2036, which will be a very good occasion to take the State forward, he stated.
“During my tenure in the Ministry of Coal, I have visited many places of Odisha including Talcher, Angul, Jharsuguda and others. The state has huge potential in the industrial sector. But we have not fully utilised its potential. Now, with a committed and forward-looking State government and Officer, I am sure that Odisha is marching forward in the right direction,” he told the gatherings.
Citing an example of Kalinganagar industrial hub, he said that the Centre has proposed to have an industrial hub around Talcher under PM Gati Shakti programme for coal and steel manufacturers.
Odisha has made commendable achievements in different aspects of development recently. It has invested heavily in creating modern infrastructure, digital connectivity with prioritizing social welfare programmes
The State has committed to development by spending nearly 20 percent of its annual budget on it. Odisha has substantially increased its capital expenditure with 6.8 percent of GSDP. The State has also topped in fiscal health management among 18 major states of the country, Shri Nagaraju said.
Capital outlay to GSDP ratio in Odisha stands at 6.1, which is highest among all states. To meet the social and economic development goal laid down in the Vikashit Odisha 2036 development plan, it required significant investment. So, the banks along with other agencies are also focusing on the infrastructure for the development of the State, the secretary further said.
Odisha has three biggest pillars of its strength. Those are mineral resources, huge coastline, and biodiversity reserves, he said, adding, “The state should move forward with proper utilisation of these three major resources.”
The senior officer suggested to the stakeholders, “We should not export our raw materials in natural form. We should bring investment here for its value addition and final form.”
He also advocated for timely auction and exploration of the mineral resources to build confidence among the investors as well as development of an ecosystem to realise it.