37 pc increase in Odisha Budget for industries, MSMEs is boost for sectors, says Managing Director IPICOL

The allocation of Rs 1,635 crore in the State budget for 2022-23 will boost the development of world-class infrastructure and incentivise the industries, MSME and start-ups in Odisha, said Bhupendra Singh Poonia, Managing Director, Industrial Promotion and Investment Corporation of Odisha (IPICOL) on Thursday.

Speaking to ANI, Poonia said, "The increase of 37 per cent by the state government in this budget shows its commitment to provide quality infrastructure to industries to both large and MSMEs with the focus to MSME industries because they help in employment generation. In that respect, we have good incentives under our MSME policy, as well as under our Industrial Promotion Resolution (IPR). Apart from incentives, we are committed to investing in quality infrastructure, so grounding of projects can be done easily in time."

The Managing Director informed that "Despite the COVID-19 pandemic, Odisha has received investment intentions of around Rs 4.5 lakh crores since January 2021. 250 plus projects from different sectors have been started in the state in the last 4 years," he said.

"There are some Major sectors receiving investments like Aluminum, Steel, Metal downstream, Chemicals, Plastics, Tourism, Textiles and Apparel, Food Processing, IT&ESDM, Power and Renewable Energy etc," Poonia added.

As per Poonia, some of the major investments received by the state in the last one year include a New integrated steel plant by Arcelor Mittal Nippon Steel, a New Integrated steel plant and a cement plant by Jindal Steel Odisha Limited, an Expansion of existing integrated steel plant by Bhushan Power and Steel Ltd, Expansion of existing steel plant by Tata Steel Limited, New Alumina Refinery, New Aluminium Smelter and a Captive Power Plant by Coal India Limited, Expansion of existing Integrated Steel Plant by Rungta Mines Limited (RML), New Alumina Refinery unit by Hindalco Industries Ltd.

"Ancillary and metal downstream along with textiles and apparel, food processing including seafood processing, chemicals, and petrochemicals, IT/ITeS/ESDM and Tourism have also been identified as focus sector," he said.

Stating that IPOCOL has taken several measures to boost investments and interests in the state, Poonia said, "Odisha is a financially stable state and all facilitation provided by IPICOL is one of the best in the country. Ease of doing business along with skilled manpower is attracting the Industries."

"Odisha has a good network of highways, Railways and Ports, so in the eastern seaboard, we have very good infrastructure. Similarly, we have the Biju Expressway from Rourkela to Nabarangpur. It will connect all western districts and will open up that area. There has been a huge investment and is still increasing in the irrigation, so it provides opportunities for agro-based industries and food processing industries," he added.

Poonia further said that the investment is picking up pace due to the rise in economic activities because of the declining COVID-19 cases.

"Our GSDP growth rate is around 10.1 per cent is more than that national average. The industries contribute around 30.1 per cent to our GSDP so that growth is 14.5 per cent. There was a contraction due to COVID in 2020-21 but as economic activities are picking up, we are receiving huge investment, so that's why rebound is very good in the state of Odisha," he said.

( With inputs from ANI )

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