Bhubaneswar, Feb 15: Odisha's economy is projected to grow by 7.2% in the current financial year, surpassing the all-India growth rate of 6.4%, according to the state’s economic survey for the 2024-25 fiscal year. The report, presented to the state assembly on Saturday, indicates that Odisha’s Gross State Domestic Product (GSDP) at current prices is expected to reach Rs 9.5 trillion in 2024-25, reflecting a 10% increase from Rs 8.6 trillion in the previous fiscal year.
The survey highlights strong growth across all sectors in 2024-25, positioning the state for continued rapid growth in the coming years. Enhanced capital investment, driven by the Utkarsh Odisha initiative, is expected to further boost the state's growth rate, the report added.
Per capita income in Odisha has risen by 10.6%, reaching Rs 1,82,548 in 2024-25 (advance estimate), while the national per capita income increased by 8.7%. Although Odisha’s per capita income is 8.8% lower than the national average of Rs 2,00,162 in 2024-25, it is on a converging trajectory, the report noted.
The agriculture and allied sectors have shown impressive growth, with an estimated increase of 3.3% in 2024-25, contributing 19% to the Gross State Value Added (GSVA). Over the past five years, Odisha's agriculture sector has grown at an average rate of 7%, outperforming the national growth rate of 4.1%.
In terms of industry, Odisha’s industrial sector is expected to grow by 6.1% in 2024-25, contributing 43.9% to the GSVA. Meanwhile, the services sector is projected to grow at 10%, contributing 37.1% to the state’s economy.
Additionally, Odisha has allocated Rs 58,195 crore for capital expenditure in 2024-25 (budget estimates), which represents 6.1% of the GSDP. This is the highest capital outlay to GSDP ratio among major Indian states.
Odisha has maintained sound fiscal discipline, keeping its fiscal deficit at 3.4% and a revenue surplus of 2.9% of GSDP for the 2024-25 fiscal year. The state has also ensured that its debt remains sustainable, with a debt-to-GSDP ratio of 13.2%—the lowest among all major states in India. This ratio is well below the 25% limit set by the Central Finance Commission and Odisha's Fiscal Responsibility and Budget Management (FRBM) Act of 2005.
