Make in Odisha summit: Investments worth over ₹5-lakh cr to flow into State

As many as 21 MoUs (Memorandums of Understanding) were exchanged and approximately 46 Investment Intention Forms (IIFs) worth around INR 5.85 crore were presented at the 3rd edition of Pioneer Investors Summit in Odisha. Arcelor Mittal JV along with Nippon Steel, Adani Group, JSW Group, Vedanta Group and ReNew Power, among others, have also shown interest in the state.

The Make in Odisha Conclave 2022, organized by the state government in association with the Federation of Indian Chamber of Commerce and Industry (FICCI), saw the launch of the Industrial Policy Resolution 2022 focused on making the state a destination of choice for industry. Companies across the country and globally, said an official statement.

ArcelorMittal in a joint venture with Nippon Steel is constructing a 24 MT plant in Odisha. The capital expenditure of the Adani Group in Odisha in the next 10 years will exceed Rs 60,000 crore and the company plans to construct 35 berths, a 5m LNG terminal at Dhamra port, an alumina refinery and an iron ore project that will create thousands of jobs in the country, said Karan Adani, CEO of Adani Ports. & SEZ Ltd.

JSW Group will invest around ₹ 1-lakh crores more in Odisha to set up a steel plant in Paradip and a metal silicon plant for the production of solar panels. Chairman Sajjan Jindal said that the group has already invested ₹60,000 crore in the state.

Vedanta Group will invest more than ₹ 1-lakh crore while creating direct and indirect livelihoods for five people in the state with its Vedanta Aluminum Park spread over 253 acres in Jharsuguda. Anil Agarwal, Chairman and Founder of Vedanta Resources Limited, said at the meeting that the park will bring more downstream players to Odisha to deepen industrialization in the state.

ReNew Power has signed a Memorandum of Understanding with Odisha to invest approximately INR 45,000 crore which will focus on projects related to green ammonia, hydropower and nature-based solutions. Tata Steel, which has a production capacity of 8 metric tons in the state, is looking to double production capacity.

New industrial policy

Following the success of the first two “Make in Odisha” editions in 2016 and 2018, the main focus of the MIO 2022 Conclave was to highlight the country’s policy and regulatory framework towards investors and entrepreneurs focusing on emerging business opportunities, investments and business ecosystem across key sectors.

According to Prime Minister Naveen Patnaik, the new policy provides support and incentives that are above and beyond the best of the country. The country launches new policies in the sectors of tourism, renewable energy, clothing and textiles, food processing, exports, etc. “We will continue to work with each and every one of you, understand your sector requirements and provide the best support systems. As you all know, Odisha is a major force in the field of mining and metal based industries. The country has attracted significant investments in steel and aluminum projects and will emerge as a global hub in these sectors by the turn of this decade.” “.

He said the government aspires to develop Odisha in other sectors as well and is making huge capital investments in improving transport infrastructure – highways, railways, airports and seaports. The country pioneered electricity reforms and succeeded in establishing the framework and investment in order to provide high-quality and affordable energy. Odisha’s economy is expected to become a trillion dollar soon and will emerge as a gateway to East and Southeast Asia.

The country has managed to reduce poverty by 50 percent, while doubling farmers’ incomes over the past two decades. The government’s fiscal prudence and economic management were appreciated throughout the country. He noted that Odisha is one of the few states that has sufficient revenues to undertake large-scale infrastructure projects.

“Our investor-friendly initiatives and transformative governance have set us on a journey of progress and prosperity. I invite each and every one of you to join us on this journey. I assure you that our government will go the extra mile to make you comfortable in our state. We will walk by your side and make sure that your dreams as an entrepreneur are fulfilled. The prosperity of Odisha is linked to investments New “.