Bhubaneswar: Despite the adverse impact of COVID-19 and natural disasters, Odisha is expected to grow by over 10 per cent in the current fiscal, but the Russia-Ukraine conflict could hit the state's economy, according to a survey report tabled in the assembly on Tuesday. The Odisha Economy Survey Report 2021-22 said the state is expected to grow by 10.1 per cent in 2021-22, which is higher than the national growth rate of 8.8 per cent. The report also showcased Odisha as one of the fastest-growing states in the country at this juncture, two countries are engaged in a war that could impact the global, national and state economies (economies), Chief Secretary S C Mohapatra said in the preface of the survey report.
The per capita income has grown by 16.8 per cent in 2021-22 to Rs 1,27,383 from Rs 1,09,071 in 2020-21, while the unemployment ratio declined from 7.1 per cent in 2017-18 to 6.2 per cent in 2019-20 in comparison to 4.8 per cent at the national level, it said. The industry sector is expected to grow strongly by 14.5 per cent, largely due to the stellar performance of manufacturing and mining and quarrying, which grew by 14.3 per cent and 18.1 per cent respectively, and the service sector is estimated to expand by 7.9 per cent in 2021-22. The GSVA (gross state value-added) in the agriculture and allied sector, however, is likely to contract by 3.4 per cent in 2021-22, largely due to the incidence of natural disasters like drought, unseasonal rain and cyclones, the report said. The share of agriculture & allied sectors in GSVA is 20.06 per cent, while the industries account for 39.5 per cent and the service sector at 39.9 per cent.
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The inflation rate in the state was also low at 2.7 per cent between April and January in 2021-22 as compared to 5.3 per cent at the all-India level during the corresponding period. With sustained revenue collection and better expenditure management, the state has consistently reported a revenue surplus and maintained the fiscal deficit within the level of 3.5 per cent of GSDP (gross state domestic product) as mandated by the Fiscal Responsibility and Budget Management Act, it said. Revenue receipts in the state have increased in 2021-22 by 17.2 per cent to Rs 1,25,600 crore from Rs 1,07,200 crore in 2020-21. The high share of developmental expenditures at 72.7 per cent (2021-22) in the total outlay is a "positive" indicator and shows the state's commitment toward overall socioeconomic development, the report said. The incidence of absolute poverty has declined significantly in the state, it said, adding that the Multidimensional Poverty Index of NITI Aayog shows that in comparison to India, the MPI Head Count Ratio is higher in Odisha.
PTI
