Odisha targets six key sectors to attract investment

Odisha targets six key sectors to attract investment

Odisha CM Naveen Patnaik. PTI

The government of Odisha has identified six focus sectors for industrial development, which include agriculture & food processing, chemicals & petrochemicals, textiles, downstream & ancillary, ESDM-IT & ITeS and Auto & auto components.

As per Vision 2025 of chief minister Naveen Patnaik, the government is working with the aim of attracting Rs 2.5 lakh crore of fresh investments and generate 3 million job opportunities.

“Odisha offers several advantages to investors such as rich mineral reserves, strategic coastal location with over 10,000 km of highway network and the state is part of the East Coast Economic Corridor,” Sanjeev Chopra, Principal Secretary, Industries, Government of Odisha told DH.

The government of Odisha has set up a single window portal in the country for speedier facilitation and tracking of investment proposals and approvals. The state government has identified dedicated sector specific clusters and estates with 10,000 acres of developed industrial land. It also has over 300 'ready to invest' projects across key sectors, Chopra said.

Odisha has established 4 Investment Regions in the focus sectors, viz., National Investment & Manufacturing Zone (NIMZ)at Kalinganagar, Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) at Paradeep, Port Based Manufacturing Zone at Dhamra and Information Technology Investment Region at Bhubaneswar. This will transform Odisha into the industrial gateway to eastern India.

To attract investors to the state, the government is offering specific incentives that include 100% exemption from stamp duty on loan agreements, credit deeds, mortgages and hypothecation deeds executed by the industrial units in favour of banks. It is also offering capital grant to support quality infrastructure, wherein 50% of the infrastructure cost with a ceiling of Rs 10 crore per greenfield industrial park and capital subsidy of 10% up to maximum as indicated based on employment and investment in auto and auto components, agro and food processing, textile among others.

Over the last three years, the State government has embarked upon the implementation of a Business Reforms Program to make it easier for companies to set up and operate in the state following which Odisha has been recognised as a ‘Leader’ in terms of implementation of business reforms with 92.73% score in the Ease of Doing Business Report of 2016.

The Associated Chambers of Commerce and Industry of India (Assocham) has ranked Odisha as the number one state in terms of investment implementation rate, he said.

In order to attract investment into the state, the government is organising the 'Make in Odisha 2018' conclave from November 11-15 in Bhubaneshwar. During the Make in Odisha conclave held in 2016, the government attracted investment proposals worth Rs 2,03,235 crore with an employment potential for 1.37 lakh persons.