Did Naveen Patnaik Just Reveal Odisha's Industrial Growth from FY 2015 to FY 2024?
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Synopsis
Naveen Patnaik unveils Odisha's remarkable industrial growth, as highlighted in a recent ICRA report. With a staggering CAGR of 10%, the state leads India in industrial development. Discover how initiatives like 'Make in Odisha' have transformed the economy and the challenges faced by the BJD government.
Key Takeaways
- Odisha's industrial GSVA grew at a 10% CAGR from FY2015 to FY2024.
- The manufacturing sector is the primary growth driver.
- Industry's contribution to GSVA reached 51% in 2024.
- Odisha reported a 7% growth in GSVA at constant prices.
- The BJD's 24-year rule ended in the 2024 elections.
Bhubaneswar, May 12 (NationPress) In light of a report issued by India's prominent credit rating agency, ICRA Limited, former Chief Minister and current Leader of Opposition in the Odisha Assembly, Naveen Patnaik, asserted that Odisha has experienced remarkable industrial growth during the financial years from 2015 to 2024.
On the social media platform X, Patnaik shared on Monday that the industrial Gross State Value Added (GSVA) of Odisha has increased at a Compound Annual Growth Rate (CAGR) of 10 percent from FY2015 to FY2024, marking it as the highest among all Indian states, as reported by ICRA Limited.
The president of the Biju Janata Dal (BJD) further emphasized that the report identifies the manufacturing sector as the primary catalyst behind this remarkable growth.
He also pointed out the success of programs like ‘Make in Odisha’ and ongoing efforts to foster an investment-friendly industrial climate.
Patnaik noted that the industry's contribution to GSVA reached 51 percent in 2024, ranking among the highest in India.
Moreover, Odisha achieved the second-highest overall GSVA growth at constant prices, surpassing 7 percent, against the national average of 5.8 percent.
“This sustained industrial growth has not only revitalized Odisha’s economy but has also ushered prosperity to its citizens. This milestone would not have been achievable without the backing of 4.5 crore people of Odisha,” he expressed, thanking the populace for their partnership in the state’s transformative odyssey.
According to the ICRA report, Odisha ranks among the leading states in various economic metrics during the financial years from 2015 to 2024.
The report also stated that the highest agricultural and service shares in GSVA for FY2024 were 33 percent for Madhya Pradesh and 66 percent for Karnataka, respectively.
For FY2024, the share of industry in GSVA was notably highest at 51 percent for both Gujarat and Odisha.
However, the BJD government, led by Patnaik, faced an unexpected setback in the 2024 Assembly elections, marking the end of their 24-year rule in Odisha.
Point of View
Showcasing the effectiveness of targeted initiatives like 'Make in Odisha'. However, the political landscape is shifting as the BJD faces electoral challenges. This dual narrative reflects the complexities of governance and economic development in the region.
NationPress
08/06/2025
Frequently Asked Questions
What is the CAGR of Odisha's industrial growth from FY 2015 to FY 2024?
Odisha achieved a CAGR of 10% in industrial growth during the financial years from 2015 to 2024.
Which sector is credited for Odisha's industrial growth?
The manufacturing sector is identified as the key driver behind Odisha's impressive industrial growth according to the ICRA report.
What percentage of GSVA does the industry contribute in Odisha for FY 2024?
The industry contributed 51% to the Gross State Value Added in Odisha for the year 2024.
How does Odisha's GSVA growth compare to the national average?
Odisha recorded a growth of 7% in GSVA at constant prices, which is higher than the national average of 5.8%.
What major political event occurred in Odisha in 2024?
The BJD government led by Naveen Patnaik faced an unexpected defeat in the 2024 Assembly elections, ending their 24-year rule.
