Marking the International Day for Older Persons, Mr Patnaik said the Senior Citizen Policy would help about 9.5 per cent of the state's population.
The state, according to 2011 census, has as many as 40 lakh people above the age of 60 years and its senior citizen would be 13.8 per cent of the total population by 2026.
"I am glad that Odisha has its own senior citizens policy today. In this policy, emphasis has been given on health care, security, housing and emotional needs of the senior citizens," Mr Patnaik said unveiling the policy at the state secretariat in Bhubaneswar.
Under the policy, framed by the department of Social Security and Empowerment of Persons with Disabilities (SSEPD), emphasis has been given on health, financial and physical security, welfare and conveyance subsidy of the senior citizens.
He said in order to ensure proper implementation of the policy, a state council comprising various departments would be formed. The council will also include non-government organisations.
The state's finance department has already approved setting up a corpus of Rs 7.4 crore initially and set up old age home in each district.
Mr Patnaik said the state government has already implemented Madhu Babu Pension Yojana and Barishta Nagarika Tirtha Yatra Yojana (pilgrimage scheme for senior citizens) for the senior citizens of the state.
The Centre in 1999 had approved the National Policy of Older Persons which was revised in 2011.