Due to the downturn, Odisha's GDP contracted by 5.3 percent, compared to the national economy's 7.3 percent decline in the fiscal year 2020-21, Chief Minister Naveen Patnaik said here on Monday.

"Recovery of the economy from the impact of the pandemic was a huge challenge, and we have met this challenge with resolve and we have been able to successfully reboot our economy," Patnaik said while making his statement on the motion of thanks on the Governor's speech in the state Assembly via video conferencing. Odisha has expanded at a pace of 6.5 percent each year over the last ten years, compared to 5.3 percent nationally. Odisha's GDP contracted by 5.3 percent in 2020-21 as a result of the downturn, compared to the national economy's 7.3 percent contraction, indicating that the state was significantly less affected, he said.

According to preliminary predictions for 2021-22, the state will grow at 10.1 percent, compared to 8.8 percent for the national economy, he said. Odisha is the only state that has been entirely compliant with FRBM (Fiscal Responsibility and Budget Management) since its enactment. "Our dual policy objectives" that guide "our growth trajectory" are fiscal discipline and inclusive development, said the chief minister.

Patnaik stated his government is giving entire budget information in user-friendly formats on the finance department's website as well as the dedicated Odisha budget portal, claiming that Odisha is the pioneer state in applying international best practises in public financial management.

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