Odisha’s GSDP Growth Rate of 7.94 Percent has Surpassed the National Growth Rate of 7.1 Percent: Shri Niranjan Pujari, Hon’ble Minister for Industries, Govt. of Odisha

Business Wire IndiaThe economy in the state of Odisha is on a higher growth trajectory with the state witnessing rapid industrial development that is contributing significantly to its growth. Under the leadership of Hon’ble Chief Minister, Shri Naveen Patnaik, the state government is ensuring more rapid, broad based and inclusive economic growth through sustainable industrial development in the state. Odisha has also been recognized as the No. 1 State in terms of attracting live manufacturing investments in the country and continues to be India’s one of the most ideal investment destinations.

Speaking on Odisha’s vision, Shri Niranjan Pujari, Hon’ble Minister for Industries, Government of Odisha said, “We have created a long term roadmap for industrial development which is captured in our Vision 2025 document. To broad base and diversify the industrial development in the state, we have identified six focus sectors that include Agro and Food Processing; Ancillary and Downstream in metal sector; Chemicals, Plastics and Petrochemicals; Electronics Manufacturing and IT; Textiles-Apparel and Tourism. Our Hon’ble Chief Minister has set a vision to attract investments worth Rs. 2.5 lakh crore in these focus sectors and generate employment for 30 lakh citizens by 2025.”

He also said that during 2016-17, Odisha has registered GSDP growth rate of 7.94 % surpassing the national growth rate of 7.1 % and the state is on track to reach a double digit growth of 12 percent by 2019-20.

In the run up to the Make in Odisha Conclave last year, a number of policies were promulgated in the State for sectors like Pharmaceuticals; Apparel; Start-up; Healthcare Investment; Food Processing and Biotechnology.

Speaking on reforms and policies, Shri Sanjeev Chopra, Principal Secretary, Industries Department, Government of Odisha said, “These policies have been successful in creating an attractive policy ecosystem in the state for diversified sectors and it has received extremely positive feedback from the investor community across the country. Over the last 3 years, the State Government has embarked upon implementation of a Business Reforms Program to make it easier for companies to set up and operate in the state. Odisha has also been recognized as a ‘Leader’ in terms of implementation of business reforms with 92.73% score in the assessment score last year.”

In the past 3 years, the Single Window Clearance Authority in the State has approved 102 projects with investments worth Rs. 1,67,284.63 crore with an employment potential of 1,12,532 jobs. The State is committed to approve ‘Green’ category projects within 15 days and ‘Other’ category projects within 30 days. Post the amendment of Odisha Industries Facilitation Act (Rules), the average time taken for disposal of applications by the State Level Single Window Clearance Authority has been brought down to just 20 days.

The State government is highly optimistic over the new world-class industrial infrastructure facilities that have been set up across the state in the form of four investment regions and various sector-specific industrial clusters. Master planning of National Investment & Manufacturing Zone, Kalinganagar, Dhamra Port-based industrial region and Infovalley have been completed. Master planning for Petroleum Chemicals and Petrochemicals Investment Region at Paradip is underway and will be completed in the next 3-4 months.

Meanwhile, other mega projects in Odisha like Plastics Park at Paradip, Sea Food Park at Deras, Electronics Manufacturing Cluster at Infovalley and Aluminium Park at Angul are now ready for investments. Furthermore, new clusters are being developed in the vicinity of Bhubaneswar at Chattabar, Jayamangal, Ramdaspur, Mundamba & Lahanga to meet the requirements of the investors.

During the 3 investors’ meets organized at Mumbai, Bengaluru and Bhubaneswar in 2016, Odisha has received 124 investment intents of projects worth Rs. 364,864 crore. Out of this, firm commitments for more than 50% of the projects have already been received – one of the highest and the fastest conversion rates achieved by any state in the country. Subsequently, Odisha’s Single window clearance authority has already cleared 61 projects worth Rs. 1,32,222.35 crore for implementation in diversified sectors such as Food Processing, Petro Chemicals, Chemicals and Plastics, Infrastructure & Logistics. Renewable Energy, Tourism and Healthcare.

With the approval in place for the inclusion of Odisha in the East Coast Economic Corridor, it will further spur industrial development in the State and generate more employment opportunities for the citizens. The government’s intent is to focus on the rapid implementation of projects on ground and in the next quarter, groundbreaking and inauguration will take place of more than 10 industrial projects in various districts across the state.

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