Bhubaneswar: From being one of the most backyard and poor states 25 years back, Odisha is now one of the fastest growing states in the country," said Principal Secretary (Finance) Vishal Dev at an event organised by the Sambad Group here on Thursday.

Speaking at the inaugural conference of Sambad Seminar series -1 (Banking and Finance) as chief guest, Dev said, "From industry to rural and social development, Odisha is now an example of good governance. It is now among the top five states in the country with remarkable progress on all fronts. From 2005-2011, poverty in Odisha has declined by 24.5 per cent (pc), the highest in the country. Not only has it made one of the fastest growths in road infrastructure in the last five years, Odisha has also bagged Krishi Karman awards which reflects its success in the agriculture sector as well."

Talking about the State's economy, the senior bureaucrat said Odisha's budget outlay has grown from Rs 11,800 crore in 1999-2000 to Rs 2.3 lakh crore now. The revenue generation has spiked from Rs 2400 cr to Rs 1.5 lakh cr during this period. The expenditure estimate has gone from Rs 2891 cr to Rs 1.25 lakh cr and capital expenditure from Rs 799 cr to Rs 51,693 cr.

In 2015-2016, per capita expenditure (PCE) in Odisha was Rs 64,835 against the national average of Rs 94,800. Now, the State per capita expenditure has risen to Rs 1,50,000 while the national figure stands at Rs 1, 70,000 and in the next five years, it will surpass the country's average PCE, he said.

Addressing the gathering of industry experts, Dev said loan recovery ratio has increased from 62 pc in March 2021 to 81 pc in the corresponding period this year and urged banks to disburse loans to priority sectors to put the growth trajectory on fast track. "The government must work in tandem with banks to create a stable financial environment which will foster faster growth for Odisha," he added.

Participating at the event, Sambad Group Chairperson Soumya Ranjan Patnaik said nationalisation of banks was meant to make banking accessible to the common people but on the contrary, the financial institutions are saddled with scams, loan default, rising non-performing assets, etc. "While defaulters are able to get loans easily, people paying EMIs have a tough time. Banks must come to the help of the common man," he said while appealing for loans to lower income categories and Micro, Small and Medium Enterprises (MSME) sector. The banks should play the role of friend, philosopher and guide of the entrepreneurs.

Recounting his early days and expressing gratitude to one of the former general managers of SBI, he said,"When I started my journey as an industrialist, I received support from former deputy general manager of SBI Soloman Raj which played a vital role. We need more bankers like him to take Odisha on the path of progress."

Managing Director of Sambad Group Monica Nayyar Patnaik, who was also present, said "Banks should be in close proximity to customers for their convenience and better accessibility. They should extend more services to women Self Help Groups. Besides, more awareness on banking is the need of the hour."

Ama Odisha secretary Swaraj Mishra spoke about changes brought about by digitisation in the banking sector. By going digital, both government and banks have reached people," he stated.