Orissa’s economy is primarily agriculture-based. The state's main agriculture products are rice, pulse, oil seeds, vegetables, groundnut, cotton, jute, coconut, spices, potato and fruits. Forest-based products provide livelihood to a large section of the population of the state. Orissa is one of the country's richest states with respect to mineral resources. The chief minerals found in the state include iron, coal, bauxite, manganese, nickel, chromite, limestone dolomite, graphite, decorative stones, beach sand, china clay and tin ore.

The state’s gross domestic product (GDP) grew at a compound annual growth rate (CAGR) of 14.4 per cent between 2000-01 and 2008-09 to reach US$ 23.8 billion and growth has been driven by the secondary and tertiary sectors. Industries are based mainly on the natural resources available in the state. The state is rich in iron ore, bauxite, nickel and coal and hence, attracts many mineral-based industries. Orissa is one of the largest producers of iron and steel in the country.

The state also has substantial reserves of other minerals that go into steel making such as coal, dolomite and limestone. Orissa has over 50 per cent of the bauxite reserves of India, making it an ideal location for setting up aluminium and aluminium-based companies. The state currently hosts 43 projects with a capacity of over 58.1 million tonnes per annum (MTPA) of steel, representing more than US$ 29 billion in investment. The major investors in the metal sector include Pohang Iron and Steel Company, Arcelor-Mittal, Tata Steel, the Bhushan Group, the Jindal Group, Essar Steel, Hindalco, Aditya Aluminium, L&T-Dubal, Sterlite Iron and Steel, Welspun Power & Steel and Uttam Galva Steels. In 2007-08 alone, over 4,710 medium and small scale units were established in the state. In the services sector, telecom and information technology (IT) have attracted maximum investments.

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