The economy of Odisha has registered an impressive growth of 8.4 per cent in 2018-19 against 7.4 per cent in 2017-18.
According to the latest Economy Survey Odisha on an average has grown at a faster rate than the states like Haryana, Punjab, Kerala, Chhattisgarh, Madhya Pradesh, Maharashtra and Jharkhand over a period of five years.
The state has not only registered higher rate of growth than many of its peers but also the national average thereby consistently improving its ranking among the major states.
Similarly, the state’s per capita income has notched higher growth rate than most major states. While the rank of Odisha in per capita income was 25 in 1996-97 it improved its ranking to 16th position in 2016-17 against Chhattisgarh (15), Jharkhand (23), Rajasthan (14), Bihar (26), Uttar Pradesh (25), Madhya Pradesh (21) and West Bengal (19).
Odisha has also made progress in promoting inclusive economic growth. Monthly household income in agriculture has increased to Rs 7,731 in 2016-17 from Rs 4,976 in 2012-13.Growth in consumption of bottom 30 per cent is marginally higher than that of average monthly per capita consumption Expenditure (MCPE) of this class between 2004-05 and 2011-12.
Inflation in 2018-19 was 2.9 per cent which is lower than all India implying greater purchasing power, the survey said and maintained that Odisha has showed strong growth in Per Capita Income (PCI) in 2018-19.
The state’s PCI is expected to be Rs 75,796 up from Rs 70,799 in 2017-18. The PCI of the state has grown by 6.6 per cent during the last seven years against the national average of 6.1 per cent.
Odisha has also made the highest jump in –PCI ranking among the major states during the last 20 years. (UNI)
