BHUBANESWAR: According to the Odisha Economic Survey Report 2021-22 released on Tuesday, the state's economy has rebounded sharply, with real Gross State Domestic Product (GSDP) growing at a rate of 10.1 percent in the fiscal year 2021-22.
"As per the first advance estimate, Odisha is one of the fastest growing states in the country, with a growth rate substantially higher than India's GDP growth rate of 8.8%," it says. Odisha, like the rest of the globe, was hit hard by Covid-19, with the state's GSDP contracting by 5.3 percent in 2020-21, compared to India's GDP contracting by 6.6 percent.
The state economy, on the other hand, reverted to pre-Covid levels considerably faster. While India's real GDP rose by 1.6 percent from 2019-20 to 2021-22, excluding the Covid year of 2020-21, Odisha's growth rate was 4.2 percent, according to the analysis.
In 2022-23, assuming a regular monsoon, no further harmful waves of corona virus mutations and resulting economic disruption, stable oil prices, and steady supply chain easing, GSDP might rise by 9.0 to 9.5 percent in real terms. However, the confrontation between Russia and Ukraine has added to the uncertainty, according to the report. Odisha's per capita income grew at a double-digit pace of 16.8% in 2021-22, according to an economic assessment.
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