Describing Panda as a "valiant son of Odisha", Patnaik also announced a monthly pension of Rs 2,000 for the widow of Panda.
The amount will be given from the state government's Defence and Paramilitary Personnel Relief fund, a release by the Chief Minister's Office said.
"Saluting the valiant son of Odisha, Pradeep Panda who laid down his life for the motherland. He was the pride of @crpfindia for his gallantry. The braveheart will always live in our hearts and inspire us with his heroism," the chief minister tweeted.
His body is likely to reach the village today.
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Besides Panda, four other CRPF men were killed in the pre-dawn suicide attack on a camp of the paramilitary force.
The chief minister also expressed his condolence to the family of the martyred jawan.
"My deepest condolences for this tragic event. I share my deepest condolences to the members of his family and friends," Patnaik told reporters here.
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