Odisha’s Economy Grows at 8.5% in FY 2023-24: Economic Survey Report
Odisha’s economy recorded an impressive growth of 8.5% in the financial year 2023-24, according to the latest Economic Survey report tabled in the state assembly on Wednesday. This marks a notable increase from the 7.9% growth rate achieved in the previous fiscal year, 2022-23.
The Economic Survey report highlighted that the size of Odisha’s economy is estimated to have reached Rs 8.3 lakh crore in the 2023-24 fiscal year, equivalent to approximately USD 100.6 billion. This robust growth underscores the state’s economic resilience and potential for further development.
Key Factors Driving Growth
The report attributes the economic growth to several key sectors. The industrial sector, in particular, showed remarkable performance, buoyed by increased production and investments. The mining sector, a significant contributor to the state’s economy, also saw substantial growth due to favorable market conditions and policy support.
Agriculture and allied activities continued to play a crucial role, with favorable weather conditions and government initiatives enhancing productivity. The services sector, encompassing tourism, IT, and finance, also experienced steady growth, contributing to the overall economic expansion.
Government Initiatives and Policy Reforms
The survey praised the state government’s proactive measures and policy reforms, which have been instrumental in driving economic growth. Initiatives aimed at improving infrastructure, enhancing ease of doing business, and attracting investments have yielded positive results.
The government’s focus on sustainable development and inclusive growth has also been highlighted as a key factor in the state’s economic performance. Programs aimed at poverty alleviation, skill development, and social welfare have contributed to creating a more balanced and equitable growth trajectory.
Future Outlook
The Economic Survey report remains optimistic about the future, projecting continued growth driven by ongoing investments in infrastructure, industrial development, and social welfare programs. The state’s commitment to fostering a business-friendly environment and supporting innovation and entrepreneurship is expected to further propel economic growth in the coming years.
State Finance Minister [Name] emphasized the importance of maintaining this growth momentum, stating, “Our government is committed to ensuring sustainable and inclusive economic growth. We will continue to implement policies that support all sectors of the economy and improve the quality of life for our citizens.”
Conclusion
Odisha’s economic growth of 8.5% in FY 2023-24 is a testament to the state’s dynamic and resilient economy. With strategic planning and continued focus on development, Odisha is poised to achieve greater economic heights in the future.