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Odisha unveils IPR 2015, to attract Rs1,73,000 crore investment

Thu, 03rd Sep 2015 (Source:www.livemint.com)

Aiming to step up growth by boosting manufacturing sector, Odisha Government on Thursday unveiled a new industrial policy with plans to attract fresh investments of Rs1,73,000 crore in over four years.

“The policy lays the road map to realise the vision of enhancing the share of manufacturing to 15% of the state’s gross domestic product (GDP) by attracting new investments to the tune of Rs1,73,000 crore,” chief minister Naveen Patnaik said launching the Industrial Policy Resolution (IPR­2015) in Bhubaneswar.

Targeting direct employment to about three lakh people with the new IPR, Patnaik said while mines and minerals would continue to be in focus, the policy would usher in new investments in manufacturing sector and make Odisha a destination for both domestic and international investors.

The specific sectors under focus include industries like auto components ancillary and downstream units, chemicals and petro-chemicals, electronics system design & manufacturing (ESDM), food processing, IT/ITes, plastics, and textiles.

IPR-2015 is aimed at attracting investors and pivoted on the ‘ease of doing business’ framework, incentivising new economy sectors and employment ­intensive industries in the state, while outlining the government’s resolve to broad-base value added manufacturing facilities from being largely mining and mineral dependent.

Given Odisha’s strategic advantages, it is uniquely placed to attract substantial investments in the focus sectors. IPR 2015 offers employment­-based incentives to prospective investors.

Other incentives include grants for private sector investments in both greenfield and brownfield infrastructure, subsidies in power tariff, training, capital investment and reimbursement of value­-added tax, stamp duty exemption and concessional land cost for investments in specific sectors.

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