Odisha Gets 40000 cr Investment

Odisha has bagged around Rs. 40,000 crore of investments at the Government’s flagship Make in India event in Mumbai.

The investments have come in from various Indian conglomerates along with half a billion investment from Israel in defence sector.

While L&T has plans to invest Rs. 12,000 crore in Odisha to set up an integrated alumina plant in Rayagada district, ITC plans to set up a food processing plant at an investment of Rs. 800 crore.

ITC is also developing a 10,000 hectares of agro forest that will provide livelihood opportunities for locals and also would help in generating raw material for its paper business. Meanwhile, aluminium major NALCO has also committed an investment of Rs. 20,550 crore for expanding their plant at Damanjodi and setting up at aluminium park at Angul.

Odisha Chief Minister Naveen Patnaik, who was present at the event, said that the State has been on a fast growth track with 8 per cent annual growth in 2015.

The Odisha Government has envisaged a plan to attract investments worth Rs. 2.25 lakh crore by 2020 that will also generate 10 lakh jobs by that time.

Odisha is the first to have set up an e-biz portal, a one stop destination for all regulatory clearances.

To achieve this growth, the state is expanding the industrial base and the government has started a new initiative called ‘New Odisha Industrial Development Plan 2020‘ that has been unveiled.

Odisha would spend about two per cent of the annual budget towards development of information technology in the state.

The Odisha investment pitch at the event witnessed all the industry stalwarts including Kumar Mangalam Birla, chairman Aditya Birla Group, Y C Deveshwar, chairman, ITC Ltd, Shashi Ruia, chairman, Essar Group, G B S Raju, business chairman, GMR Group, T V Narendran, managing director, Tata Steel and Rajesh Adani, managing director, Adani Enterprises. This also validates the fact that Odisha has emerged as a top investment destination in the country.