BHUBANESWAR: The State government on Wednesday said that Odisha's economy continues to grow at a spectacular rate and the poverty rate is falling appreciably under the able administration of CM Naveen Patnaik.
Replying to the general discussion on Budget 2022-23, Finance Minister Niranjan Pujari told the Assembly that the State's Gross State Domestic Product which grew at 7.2 per cent in first decade of the government led by Patnaik from 2000 to 2010 further increased to 8.8 pc from 2015-16 to 2019-20.
With this growth of the economy, the government has been able to reduce poverty rate from 7.6 pc in 2004-05 to 32.9 pc in 2011-12. The 24.6 per cent decline in poverty is the highest ever achievement in the country.
Quoting NITI Aayog report, Pujari said the overall decline in poverty rate in Odisha was 29.3 pc in 2015-16.
Responding to the apprehension of some members including Santosh Singh Saluja about the debt sustainability of the State, the Finance Minister said there is nothing to fear as the debt to GSDP ratio and interest paid to revenue return was well within the prescribed limit of 25 pc and 15 pc respectively in 2021-22.
The State government has introduced the Budget Stabilisation Fund to have a balanced budget in case of dwindling revenue from this sector.