In Odisha, approved investments show tilt to emerging sectors
Sat, 26th Aug 2017 (Source:Business Standard)
Odisha’s efforts to project itself as an investment hub for new emerging sectors are paying off. Traditionally, it had the bulk of its commitments for metal and mineral industries. However, as the state government went on an overdrive through roadshows to promote investments in non-traditional sectors like food processing, petrochemicals, chemicals & plastics, green energy and tourism, these industries' intents are translating into firm commitments.
At the roadshows in Mumbai and Bengaluru and in ‘Make in Odisha’ conclave last year, Odisha drew investment intents totalling Rs 3.6 lakh crore from 124 projects. Seventy-four of these projects across sectors have translated into firm commitments. Out of which, 50 projects worth Rs 1.23 lakh crore have been cleared in food processing, petrochemicals, chemicals & plastics, infrastructure & logistics, renewable energy, tourism and healthcare.
The approved projects in the new focus sectors have a potential to generate employment for 95,235 people, official data says.
||Number of proposals
||Investment (in crore)
|Petrochemicals, Chemicals & Plastics
|Infra & Logistics
|Power & Renewable energy
Aditya Birla owned Grasim Industries, ITC, Indo Nissin Foods, Bharat Petroleum Corporation (BPCL), Jayashree Chemicals, Adani Wilmar and NLC India (formerly Neyveli Lignite) are among the companies whose projects have been cleared until now.
The Odisha government has unveiled a ‘Vision Document 2025’ at the ‘Make in India’ week in Mumbai aiming to draw fresh investments worth Rs 2.25 lakh crore to Odisha in its newly identified focus sectors by 2025. These sectors — ancillary & downstream industries, electronics manufacturing & information technology (IT), apparel & handloom, biotechnology and MSMEs — are expected to help generate three million additional jobs by then.
However, the focus is not just on luring investments but also on their implementation. Therefore, the state government has targeted to execute fresh investments worth Rs 1.5 lakh crore in three years.
The state government is also working to make business procedures easy for investors. It has decided to come up with a single portal that will cater to the whole gamut of approvals needed to set up shop in the state. This portal, which will replace the existing E-Biz portal, is designed to track the entire procedure of an investment – from proposal to production and also post allotment issues.
The new portal is scheduled for roll out by September this year. Under this portal, 50 services would go online, including key approvals for land, water and electricity. Keeping its thrust on the implementation of reforms, Odisha has decided to go for a third-party assessment of those reforms. This initiative is expected to kick off by December this year.