From Kalinganagar to Dhinkia, Odisha is often seen hitting the headlines for the unrest over land acquisition for industrial projects. The result is Odisha is not in the top-5 states that saw flocking of large private investments in the pandemic hit year.
As per the recent SBI's 'Projects Today' report, in the Financial Year 2022, new private investments announced in Odisha has been worth Rs 65,402 crore. The State has been placed at 7th nationally.
With a whopping Rs 2.32 lakh crore investments flocking to Gujarat in the last 9-months, the western State topped the list. In the top-5, the other states are Maharashtra, Tamil Nadu, Karnataka, Uttar Pradesh. The state of Telangana is placed at 6th.
The rise of Uttar Pradesh eclipsing mineral-rich Odisha has led to the popping up of more eyeballs. The State has fallen from the grace, post the POSCO fiasco and is yet to gain the industrialisation mojo. Riding on POSCO, Odisha had emerged as the top preferred destination for private industrial investments a decade ago.
As per the SBI report, UP has seen an inflow of Rs 86,151 cr private investments in the last 9-months. The biggest state of India saw the announcement of 444 industrial projects vis-a-vis 336 projects in Odisha.
Where Odisha Lagged?
A glance at the SBI report underlines the fault lines in Odisha. The country saw major investments in Roadways (Rs 1.79 lakh cr), Community Services (Rs 1.18 lakh cr), Iron and Steel (Rs 1.08lakh cr), Machinery (0.86 lakh cr) and non-conventional power (0.86 lakh cr).
While Odisha's mainstay industrial investments in the financial year 2021-22 has been manufacturing, food processing, steel downstream, fertilisers and hospitality, the UP industrial basket has a variety of sunrise sectors like pharmaceuticals, medical device parks, cement and defence, besides food processing.
The northern state has created many industrial corridors - from Noida to Pilhibit. The corridors lack the diversity and variety in Odisha, as per an analysis of the projects announced last year in both states.
As per the report, when major investment magnets in 2021-22 were Roadways and Community services (means Health care and Social Assistance units), Odisha has almost drawn a blank in the leading sectors.