Kolkata Industrial Promotion and Investment Corporation of Odisha (IPICOL) has identified nine sectors to attract investments in the state during the current year. According to IPICOL Managing Director Bhupendra Singh Poonia, the sectors include technical textiles, aerospace and defence, green energy, electronics, electric vehicle and battery component manufacturing, textiles and apparel and pharmaceuticals.
“There are nine priority areas that we have identified. We are one of the largest primary metal producers like Pig Iron, Steel and Aluminium. Now, we are promoting the downstream ancillary industry. Some of our focus areas are Auto Components, White Goods, Electronics, Textile & Apparel, Green Energy. We have also identified new age sectors like technical textiles, aerospace and defence, pharmaceuticals, white goods, telecom equipment,” said Poonia business Line,
IPICOL is responsible for formulating investment promotion, facilitation and care strategy for Odisha.
Government of Odisha is aligning its policies to the various PLI schemes available to attract new age industries. He said the state has already received an investment interest in the defense sector and is in an “advanced stage” of implementation.
Bullish on investment growth
In 2021, though there was some impact on investment in Odisha due to the Covid-induced lockdown and slowdown in the economy, the state has managed to garner investment interest of ₹4.38 lakh crore.
“There are some natural benefits that our state enjoys, which include a third of the country’s iron ore and coal, almost half of aluminum bauxite, land and 11 percent of water resources. Apart from these, we are investing heavily on skill development, all of which are big attractions for the industry. Now, with the increase in economic activity, new projects as well as expansion activities are taking place and we are getting good interest. We are optimistic of sustaining the growth momentum in terms of investment interest going forward,” he said.
Apart from the traditional metal and mineral sectors, the state has seen good traction of interest in tourism, plastics and chemicals, and textiles and apparel. He said that availability of skilled manpower and relatively low cost of doing business are the major advantages.
“The current quantum of investment will increase because apart from the natural benefits we have a very good policy for the new age sector. We are well connected by rail, road and sea routes and we are the gateway to Southeast Asian countries.
In the MSME segment, there is considerable interest in the food processing and agribusiness sectors. The state government has set up district investment promotion agencies to support on-ground investments and projects.
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Published on
April 06, 2022