Bhubaneswar, Mar 29 (IANS): Odisha's economy registered a sharp recovery and the real Gross State Domestic Product (GSDP) has grown at a rate of 10.1 per cent in the financial year 2021-22, as per the Odisha Economic Survey Report 2021-22 released on Tuesday.
"Odisha is one of the fastest growing states in the country and registered a growth rate much higher than India's GDP growth rate of 8.8 per cent as per the first advance estimate," it says.
Like the rest of the world, Odisha also faced the adverse impact of Covid-19 and the state's GSDP was contracted by 5.3 per cent in 2020-21 against a contraction of 6.6 per cent in India's GDP.
However, the State economy reverted to the pre-Covid level much faster. While India's real GDP grew by 1.6 per cent in between 2019-20 to 2021-22 leaving aside the Covid year of 2020-21, the comparable figure for Odisha is 4.2 per cent, said the report.
Assuming normal monsoon, no furthermore damaging waves of corona virus mutations and induced economic disruption, stable oil prices, and steadily easing of supply chain, GSDP may grow in real terms by 9.0 to 9.5 per cent in 2022-23. However, the Russia and Ukraine conflict has brought in further uncertainty, it said.
As per the economic survey, the per capita income of Odisha has grown at a double-digit rate of 16.8 per cent in 2021-22.
The average growth of Odisha's per capita income over the last ten years (2012-13 to 2021-22) is 10.3 per cent against 9.15 per cent growth rate in the case of India.
Odisha's per capita income of Rs 48,499 in 2011-12 reached Rs 1,27,383 in 2021-22. While in absolute terms, it is lower than India's per capita income, the rate at which it is growing implies that it would soon exceed India level.
The state's per capita income was 76 per cent of the per-capita income of India in 2011-12. Now, it stands at 84.7 per cent in 2021-22.
The industry sector in the state grew at 14.5 per cent followed by the service sector with 7.9 per cent growth rate in 2021-22. The agriculture and allied sector registered a contraction of 3.4 per cent in the year 2021-22 due to drought, unseasonal rain, and cyclone Jawad, the report further said.
Unemployment in the state was recorded as 6.2 per cent in 2019-20 in comparison to 4.8 per cent at India level.
The mining sector, after witnessing a sharp contraction in 2020-21, has bounced back with a real growth of 18 percent during the fiscal 2021-22.
The state has collected Rs 13,918 crore revenue from minerals in the year 2020-21, which is 13 per cent of total revenue receipts (Rs 1,07,200 crore) of the State in that year.
As per the estimates available up to December 2021, the total mineral revenue collection in the current financial year was Rs 32,485 crore (provisional), says the survey.