How Indian State of Odisha Plans To Turn Into A 1$ Trillion Economy

Indian state of Odisha is bolstering its effort to set up new industries to establish itself as the “Manufacturing Hub of the East.” Earlier this year, Naveen Patnaik led government laid the foundation stone of 14 industries and inaugurated four industrial units which is expected to give a major boost to the state’s economy by providing jobs to more than 3500 people.

A vision report titled ‘Economic possibilities for Odisha towards a one trillion dollar economy’, jointly prepared by JSW Group and PwC India further states about Odisha’s potential to become a $1 trillion economy:

The government is further counting on its ‘Ease of doing business’ (EODB) promise to attract major industries from India and globally to set up business here. The state government has developed the online Single Window portal, Go Swift i.e. Government of Odisha – Single Window for Investor Facilitation and Tracking, to transform the B2G interface through the entire investment lifecycle.

​CEOWORLD magazine spoke with Mr. Nitin B. Jawale, Managing Director, Industrial Promotion & Investment Corporation of Odisha (IPICOL) to know more.

Which are the current Industrial major players in Odisha? And which others are you eyeing?

The current major players are predominantly in mineral and metal sector such as Tata, Jindal, Essar in Iron &Steel, Vedanta, Aditya Birla group in Aluminum and a number of smaller players in these categories. Odisha has also diversified into other sectors such as Petrochemcials, Textiles and Food processing and big names in these sectors such as IOCL for Petrochemicals, Aditya Birla Fashion, Shahi exports etc in textiles, INdo Nissin, Brittania, Parle, Coca cola, Anmol, Priya Gold in food processing and Falcon marine in sea food.

The state is eyeing sectors such as Automobile manufacturing (ancillaries as well), Electronics and IT, Pharmaceuticals and medical equipment, Agro based Industries. Though barring the first the state already has some players in the other sectors, we are trying to get more and bigger players.

How does Odisha aim to attract more industries and business? 

We have been consistently working on improving the upgrading the industrial infrastructure and the investment climate in the state by bringing in quality infrastructure and working of reforms aimed at ease of doing business, respectively. We are well aware the mere incentives are not sufficient to be a good investment destination; it takes lot of effort in working on the ground situation and improving the industrial climate by way of right policies, beneficial both to the industries and people at large. Besides this we have been working on our outreach progammes, aimed at creating awareness about the state’s industrial potential and attracting investors in different sectors large numbers to the state.

How do you plan to turn Odisha into a 1$ trillion economy?

The Vision 2030 that envisages downstream development in metal sector ( Steel, Aluminum and Stainless steel, of all three we are the largest producers in the country) is our biggest bet at achieving the$1 trillion economy.

Which sector has seen the highest growth in Odisha?

Metal Sector i.e Steel, Aluminum and Stainless Steel have sgown the highest growth, for obvious reasons of our strength in mines and minerals. The state’s mantra for industrialization has always been ‘ value addition’. By way of conscious policies aimed at bringing the best economic results for the state, Odisha has been able to this unprecedented growth in last couple of decades.

Have you read?

India Rich List Index For 2019: Richest Indian Billionaires.
The 40 Best Leisure Destinations To Visit In 2020.
Revealed: Ranking Of The World’s 100 Most Valuable Brands, 2019.
Richest Billionaires In The United States, 2019.