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Naveen Patnaik woos India Inc, says Odisha slated to be trillion-dollar economy

CM assures govt's support, Industry leaders commit to more investment in state.

Odisha Chief Minister during the ‘Make In Odisha' conclave. (Twitter/@Naveen_Odisha)

Stating that Odisha is destined to become a “trillion-dollar economy” in near future, and that the state will also emerge as the gateway to East and Southeast Asia, Chief Minister Naveen Patnaik on Thursday welcomed captains of industry and investors to the state and assured them of all support.

Speaking on the second day of the third edition of ‘Make In Odisha’ conclave, the state’s business summit, Patnaik asserted that Odisha’s prosperity is interlinked with new investments.

He said Odisha’s fiscal prudence and economic management has been appreciated across the country and maintained that Odisha is one of the few states with adequate revenues to undertake large-scale infrastructure projects. “Our investor-friendly initiatives and transformatory governance have put us on a journey of progress and prosperity,” he said.

Among industry leaders in attendance were ArcelorMittal executive chairman L N Mittal, Vedanta Resources chairman Anil Agarwal, Tata Steel, MD T V Narendran, JSW chief Sajjan Jindal, JSPL chairman Naveen Jindal, and Adani Group’s Karan Adani.

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The five-day conclave, which began on Wednesday, has brought together investors, diplomats, policymakers and implementers under one platform.

On the first day of the conclave, Odisha received 145 investment intents amounting Rs 7.26 lakh crore in different sectors, which is more than the total investment intents received during the first two editions of the summit, state Industries Secretary Hemant Sharma said.

Sajjan Jindal said JSW Group, which has already invested more than Rs 30,000 crore in Odisha and lined up another Rs 30,000 crore in diverse areas, has committed investment amounting to a further Rs 1 lakh crore in various projects in the state. “Our future investment plan includes a steel plant near Paradip with advanced technology. We will build [a] silicon wafer plant and a silicon metal plant, which India [wholly] imports. We also plan to invest in renewable energy and other sectors.”

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He urged the state government to build industrial infrastructure to draw more investments.

Having invested in ports, LNG terminal and mining in Odisha, the Adani Group has outlined investment of Rs 60,000 more in Odisha over the next 10 years. “Our primary interests here are in ports and logistics, industrial clusters and special economic zones, power generation, renewable energy, data centres, defence, cement, and agri-businesses,” Karan Adani, CEO, Adani Ports, said.

Recalling Tata Steel’s century-old association with Odisha, Narendran said investor-friendly policies and empowered group of bureaucrats make Odisha one of the best states for business. JSPL’s Naveen Jindal said they are working hard to make a dream Odisha, and India.

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L N Mittal also heaped praise on the state administration and recalled his meeting with the CM last year, when the company signed an MoU for an advanced steel plant in Kendrapada.

ArcelorMittal, which in 2013 had scrapped the proposal for a steel plant in Odisha citing delay in land acquisition, among other issues, and Japan’s Nippon Steel have invested in mining, steel and beneficiation [treatment of raw material to improve physical or chemical properties] in Odisha. Mittal also committed to bring advanced technologies in steel-making to Odisha for future sustainability.

Vedanta Group’s Agarwal said countries in the West — the US being one of them — have asked their industries to look for locations outside China given the current geopolitical situation, and India is “best suited” to attract industries that will divert their manufacturing from China. And “Odisha will be the best place in the country to get (those) investments,” said Agarwal, who has planned to set up an aluminum complex near its smelter at Jharsuguda.

First published on: 01-12-2022 at 21:15 IST
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