Odisha Tops in Industrial Growth with 10% Annual Rise: ICRA Report
Odisha has emerged as the top-performing state in industrial growth in India, surpassing several other major states, according to a new report released by credit rating agency ICRA. The report highlights that Odisha recorded a compound annual growth rate (CAGR) of 10% in its industrial sector between 2015 and 2024 — the highest in the country.
The report, based on Gross State Value Added (GSVA) data, shows that the contribution of the industrial sector to Odisha’s economy has significantly increased, outpacing the services and agriculture sectors.
Former Chief Minister and BJD leader Naveen Patnaik expressed happiness over the state’s performance. In a post on social media platform X (formerly Twitter), he noted that the manufacturing sector played a key role in this growth.
Patnaik credited the success to the “Make in Odisha” initiative, which attracted significant investments and improved the state’s industrial environment. As a result, the share of the industrial sector in Odisha’s overall GSVA reached 51% in 2024 — the highest in the country.
The report further states that Odisha recorded a 7% GSVA growth at constant prices, the second-highest in India, compared to the national average of 5.8%. Patnaik thanked the 4.5 crore people of Odisha for their contribution to the state’s development.
ICRA named Karnataka, Odisha, and Telangana as the top three states in overall economic performance based on various parameters. While the service sector contributes the most to the national economy (55%), followed by industry (31%) and agriculture (15%), Odisha stands out with its strong industrial base.
Among the states, Madhya Pradesh has the highest agricultural contribution (33%) to its GSVA, while Karnataka leads in services (66%). In terms of industrial contribution, Odisha and Gujarat share the top spot at 51% each for the fiscal year 2023–24. Andhra Pradesh leads in agricultural growth, while Karnataka tops in services.
Odisha’s rapid industrial progress marks a significant milestone, showcasing the state’s transformation into a major hub of manufacturing and investment in India.
