Inaugurating the third edition of the ‘Make in Odisha’ international conclave for investors, Chief Minister Naveen Patnaik on Wednesday said Odisha is fast emerging as a fulcrum of trade, commerce and industrialisation in eastern India and the Bay of Bengal region.
With the conclave that will continue till December 4, the BJD government is trying to place Odisha on the global investment map. Envoys from various countries, business delegates from within and outside the country, and senior officials were present at the inaugural ceremony.
To woo investors, the Patnaik government notified its new industrial policy that has been conceptualised to make Odisha a preferred investment destination. “The new policy, which will replace the 2015 document, has been launched to promote industries in priority sectors, to develop best-in-class industrial infrastructure, to create an enabling environment for start-ups and MSMEs, and to promote innovation, research and development in the new areas of technology,” state Industries Secretary Hemant Sharma told The Indian Express.
The new policy offers incentives for investors in priority sector, including industrial land at concessional rates with zero stamp duty and land conversion charges, 100 per cent exemption from electricity duty for seven to 10 years, reimbursement of power bills, capital investment subsidy in plant and machinery, and reimbursement of state GST, among others.
The government has proposed several industrial corridors, besides dedicated MSME parks in every district. The state government has also approved several other policies to woo investors in sectors such as renewable energy, tourism, apparel and technical textiles, logistics, civil aviation, food processing, etc.
Setting an export target of Rs 3.5-lakh crore by 2026-27, the state has also come up with a new export promotion policy and has collaborated with leading export promotion councils and other trade organisations of repute.