Comparing the Future Prospects of Odisha, West Bengal, and Bihar
India's northeastern states are often overlooked when it comes to economic growth and development. However, a critical analysis reveals that Odisha stands out as a state with better future prospects compared to West Bengal and Bihar. While West Bengal's growth rate has been on a downward trajectory, and Bihar faces significant challenges, Odisha is emerging as a beacon of hope.
Odisha and West Bengal: A Favorable Comparison
When comparing Odisha and West Bengal, the data clearly shows that Odisha is outperforming in several key areas. Odisha's annual growth rate is higher than that of West Bengal, indicating a stronger economic trajectory. Additionally, West Bengal is witnessing a reduction in poverty, but the changes are not as pronounced or as rapidly as in Odisha.
Moreover, when contrasting Bihar with the other two states, we find that Bihar is lagging behind in terms of development. Although Bihar's poverty rate is reducing, this improvement is not as visible or rapid as in Odisha. Comparatively, even states like Haryana, despite having a higher nominal GDP per capita, do not feel as developed as Kolkata or Bhubaneswar, even though Hyderabad and Gurgaon provide a different narrative.
Unemployment and Poverty in Bihar and Haryana
Bihar faces significant unemployment issues, with rates exceeding 15% in recent years. The image of Patna or other cities often seems outdated and unmodern. In contrast, cities like Bhubaneswar and Cuttack in Odisha present a striking difference, looking much more modern and developed.
When it comes to malnutrition, Haryana has a high rate of 32.34%, while West Bengal's rate is slightly higher at 33.62%. Although Haryana is often hailed for its high nominal GDP per capita, its developmental issues, such as high unemployment and malnutrition, often go unnoticed due to this perception.
Odisha: The Stable and Developing State
Odisha, under the stable leadership of CM Naveen Patnaik, has been showing steady progress over the past 22 years. The state excels in several social parameters, including poverty reduction, and has a vibrant entrepreneurial culture. The spirit of maritime trade with Southeast Asia still resonates among Odias today, and this entrepreneurial zeal is evident in the proliferation of startups and MSMEs in the region.
Odisha's population is highly aware of their surroundings and development activities, leading to more political activism and the ability to question the government effectively. In contrast, the huge population of states like Bengal and Bihar can make development more challenging, and their debt levels are increasing, which is not the case with Odisha. As of 2022, Odisha has the lowest debt among Indian states, making it more financially stable.
Investment and Development in Odisha
The state's development spans multiple fields, including seaports, factories, and business incentives. Odisha has been a preferred destination for foreign direct investment (FDI) compared to West Bengal and Bihar. The flow of FDI in Odisha is significantly higher, and the state is safer and more reliable for investments.
Odisha boasts good educational institutions that provide quality human resources for companies, including IT giants like Infosys, which has been present in the state since 1996. Initiatives like O-Hub and Skill in OdishaWorld (Skill in OdishaWorld Centre BBSR) are further enhancing the state's appeal for investments and talent development.
Conclusion
In conclusion, Odisha emerges as a state with better future prospects compared to West Bengal and Bihar. While West Bengal's growth has been slowing, and Bihar faces significant challenges, Odisha's steady progress, entrepreneurial spirit, and attractive investment opportunities make it a promising destination. As the state continues to develop, it offers a bright outlook for both investors and residents.