Odisha projects Rs 2.25 lakh cr investment by 2025

Mumbai/Bhubaneswar: With an aim to make Odisha a leading industrial state in the country, the state government on Sunday unveiled its Vision-2025 to attract the multi-national companies to invest their capital in the state.

“Odisha now is emerging as a manufacturing hub on the east coast of India. The State witnessed a robust economic growth of over eight percent in 2014-15 and is poised to grow at 12 percent by 2020. With the state government acting as an enabler in the industrial growth, it aims at achieving sustainable manufacturing and employment generation and intends to attract an investment of Rs 2.25 lakh crore in the five focal sectors and to generate 10 lakh jobs,” Chief Minister Naveen Patnaik said at the Odisha Investors’ Meet as part of the ongoing ‘Make in India Week’ in Mumbai.

“I met and discussed with the investors from India and abroad. The interaction was very fruitful and they evinced great interest in becoming the partners in our growth story. At the investors’ meet, I highlighted our investment potential, state’s business environment and reforms along with our vision for robust industrial framework which received a very positive reaction. I expect good investment coming to our state in the near future,” the chief minister told media persons at Naveen Niwas in the capital city after his return from Mumbai in the evening.

Addressing the Meet, Patnaik said the political stability, coupled with robust governance, has enabled the state to make rapid progress in all socio-economic indicators since last one and half decade.

The new Industrial Policy-2015 of the state government, he said, offers innovative features including incentives to industries with high employment potential and anchor industries.

“The state government is finalising a new "start-up' policy to boost the start-up ecosystem in the state for which it will dedicate the "Bhubaneswar Start-up Hub", a 4.5 lakh sq. ft ready to move facility in the capital city. The start up ecosystem will be mentored and guided by TIE Silicon Valley, with which the government has a strategic partnership, the first of its kind in the country,” ,” he informed.

The Chief Minister, while rolling out the e-biz portal of the state government on the occasion, said it would minimise physical interfaces and give approvals online to the investors.

Odisha would be the first state where 14 services required by the entrepreneurs can be applied for and the applications disposed of online, he pointed out.

He also informed that the state government has created a land bank of one lakh acres and decided to set up an Industrial Infrastructure Development Fund with an initial corpus of Rs100 crore.

This apart, the government has also decided to tap the expertise and experience of the private sector in the implementation of industrial townships and industrial parks with self-contained facilities.

The government shall also encourage `Swiss Challenge" system in the procurement of key infrastructure initiatives which will promote innovation and efficiency and tap the inherent potential of the state, the chief minister said.

During the event, Patnaik had a discussion with the business delegation of some countries including China, Japan, South Korea and Italy.

It was revealed that Japan has agreed to assist the state government in the Bhubaneswar Smart City project and will provide financial assistance in the IT, clean energy and sanitation sectors. Two other companies—Tata and Siemens India— will also assist in the Smart City project.

Besides, Ruchi Soya Industries Ltd (RSIL) has proposed to set up two food processing plants in the state with an investment of Rs 250 crore while Selanik company has planned to set up an ethanol plant at Paradip.

Apart from this, Sanmina Corporation, a US-based global electronics manufacturing services provider has expressed keenness on setting up a Rs 1000 crore plant to manufacture original equipment for technology-related industries such as communications and computer hardware while an Indonesian company will set up a centre for production of solar plants in the state capital.

While Nestle India has proposed to invest in the state, the Bengaluru-based GMR Group would expand its ongoing project in Odisha.

Official sources said that a delegation of Volkswagen Group from Germany will visit Odisha shortly to have a discussion with the state government to invest in the state.