Odisha unveils new industrial policy, targets ₹1.73 lakh crore investment

As part of its plan to diversify focus from metal and mining, the Odisha government has offered incentives to attract investment in 20 fast-emerging sectors.

Speaking at the Investment Policy Resolution 2015, Odisha Chief Minister Naveen Patnaik said this is the first time the State is launching the investment policy along with operational guidelines and assurance to provide time-bound clearances.

“We are targeting the policy to generate an investment of ₹1.73 lakh crore by 2019 and employment for three lakh people in new economy sectors such as auto components, ancillary and downstream industries, besides chemicals and petrochemicals,” he said. To start with, Patnaik said the government has set aside ₹100 crore to develop infrastructure at the prospective investment locations.

The State has created a land bank of 10,000 acres and will expand the pool by next year.

A dedicated website and mobile app was also launched to synchronise State and Union government approvals, provide details on government land bank and investment opportunities in Odisha.

It has also created a dedicated investment facilitation centre with officers deputed from all key departments.

The last industrial policy was launched in 2007.

The investment promotion exercise comes when many metal companies are cutting down production due to sharp fall in prices. Vedanta recently shut its aluminium plant leading to 2,000 people losing their jobs.

The government is also promoting dedicated industrial parks to attract investment in electronics design and manufacturing, food processing, IT and ITeS, plastics and textiles.

Incentives, Patnaik said, will be provided in a transparent manner based on employment generation. The State wants to increase the contribution of manufacturing (excluding mining) to 15 per cent of State GDP from 9 per cent, he said.

Assuring foreign investors of ease of doing business, Debi Prasad Mishra, Industries Minister, said the State has ensured that the new single-window clearance policy does not lead to a bigger door of any government department.

The deemed approval kicks in if any department fails to approve a project within the specified limit and the respective officer is pulled up if he fails to provide the reason for the delay, he said.