By Sabyasachee Dash*

Known for its pioneer role in sea fare in the country, lush forests, rich mineral reserves and skilled
workforce, Odisha (previously Utkala and Kalinga) has lately emerged as a dynamic industrial hub.
Odisha’s accelerated industrial might is underpinned by a focused vision and well-defined policies often
marked by its uniformity and consistency with the national plan. However, occasional deviations do not
necessarily undermine its commitment to the spirit of cooperative federalism, a cornerstone to the CentreState relationship.

Odisha remains a leader in mining and metal sectors, boasting abundant reserves of iron ore, coal, bauxite,
and chromite. Key industrial hubs like Jharsuguda, Keonjhar, Angul-Dhenkanal, and Rourkela have
become epicenters of activity, supported by major ports such as Paradip, Dhamra, and Gopalpur. The State's
infrastructure, including five airports, an extensive road and railway network, and coastal shipping
opportunities, has further bolstered its economic development.

In recent decades, Odisha is on a remarkable transformation journey. Its economy has witnessed
exponential growth, positioning it as one of India's fastest-growing states, despite natural disasters
disrupting its progress and derailing its growth trajectory. The State's disaster management framework has
been crucial in protecting lives and property during such events and that has earned immense appreciation
globally.

With a GDP of around $110 billion and an impressive growth rate of 8.5%, Odisha is outpacing the national
average. Its labor force participation rate of 61.3%, higher than the national figure, reflects a highly engaged
workforce. The state's economy is driven by three sectors—industry (43%), services (36%), and agriculture
(21%).

It all began with a vision, a vision crafted by the state’s leaders to transform Odisha into an industrial
powerhouse. This vision for industrial growth was recently showcased at a roadshow in Mumbai, led by
the Hon’ble Chief Minister, Shri Mohan Charan Majhi. Following a successful event in Delhi, Mumbai
attracted over 500 attendees, including industry champions, to discuss investment opportunities and their
expansion plans in key sectors like IT, textiles, chemicals, and renewable energy.

The roadshow focused on sectors including skill-driven industries, food processing parks, garment
manufacturing clusters, and logistics hubs. The State’s business-friendly environment, strategic location on
India's eastern coast, and investor-friendly policies were recognized in true spirit. Besides, the Hon’ble
Chief Minister held one-on-one meetings with top industrialists, further solidifying Odisha's position as a
preferred investment destination. The roadshow in the country’s financial hub makes an altogether new
meaning for a culturally rooted yet development thirsty Government of a province that has an immense
scope for sustainable business expansion.

As an invitee, it was my pleasure to meet the Hon’ble Chief Minister, Hon’ble Industry Minister, Chief
Secretary, Additional Chief Secretary, Industry Secretary, Managing Director of Industrial Promotion and
Investment Corporation of Odisha (IPICOL), Nodal Agency and other senior members of the delegation. It
was a thrilling experience to participate in this grand event hosted in collaboration between the State
Government, Confederation of Indian Industry (CII), represented by its secretariats in Mumbai and
Bhubaneswar and Odia diaspora in Mumbai, where ambitious plans for industrial growth and investment
took centre stage. The blueprint to turn ODISHA to an industrial powerhouse was demonstrated with a fair
level of clarity and pragmatism.

Sneak Peek of the Investment Policy and Ease of Doing Business (EoDB)

Enhancing the ease of doing business, simplifying processes, and inviting investors with open arms have
been the hallmark of the State’s Industrial policy. Its business environment is highly conducive to
investment, consistently ranked as a top performer in EoDB rankings.

The policy initiatives such as GO-SWIFT and BRAP are a testament to the foregoing assertion in
vindicating the State’s mission to realise its economic potential. The launch of the GO-SWIFT (Government
of Odisha – Single Window Investor Facilitation and Tracking) portal became the first beacon of change,
allowing businesses to obtain necessary approvals quickly and hassle-free. The State's Single Window
Clearance System was also another game-changer, cutting through red tape and bureaucracy that once held
industries back. Similarly, the complete digitization of land records has been well appreciated by
stakeholders that is in sync with the ‘Digital India’ effort.

The BRAP (Business Reform Action Plan) 2022 recognized Odisha as one of the leading states in ease of
doing business, showcasing its commitment to reforming regulatory frameworks and providing businesses
with the necessary support to thrive. The state's industrial land banks, competitive energy tariffs, and fiscal
incentives further contribute to a cost-effective operational environment for businesses.

The sponsors who made/committed substantial investments relying on the State’s offerings are worth
mentioning to measure the success of Make in Odisha programme ever since its inception.

JSW Steel, one of the largest steelmakers in India, committed over ₹55,000 crore to set up a world-class
steel plant in Odisha’s Jagatsinghpur district. Tata Steel followed suit, expanding its Kalinganagar facility
with a ₹23,500 crore investment, turning Odisha into the steel hub of the country. Meanwhile, Vedanta
poured billions into its aluminum smelter and refinery, making Jharsuguda a major aluminum production
center.

These massive investments didn't just stop with metals and mining. Odisha's coastline opened up new
opportunities in petrochemicals, with Indian Oil Corporation (IOCL) establishing a ₹35,000 crore refinery
in Paradip, catalyzing growth in the plastics and chemicals sectors. ITC (the author’s former employer)
made significant investments in setting up a food processing facility in Khurda, with investments of ₹800
crore (US$100 million). Soon, other industries followed—textiles, food processing, renewable energy, and
IT with the likes of Adani, NTPC, Wipro, TCS, Jindal and Welspun, among others.

The ports in Paradip and Dhamra are buzzing with activity, shipping goods to markets worldwide. The
state’s multimodal logistics hubs and improved roads and railways connected previously isolated areas,
turning Odisha into a key link in India’s supply chain. With its subsidized land, competitive power tariffs,
and abundant natural resources, Odisha’s attractiveness as a business destination soared.

As new factories rose and infrastructure projects flourished, the people of Odisha reaped the benefits.
Thousands of jobs were created, particularly for the state’s youth, who now had access to training programs
and opportunities within the burgeoning industries. The Skilled in Odisha initiative honed the workforce,
preparing them to meet the demands of a fast-changing economy. In the fitness of things, the State’s
spectacular show in the WorldSkills Competition held in Lyon, France in Sep’24 was a notable
achievement, with two participants winning awards and 15 representatives carries a great evidentiary value
that State is enabling its people in acquiring skills.

Further, the State has made significant strides with its top-notch sports infrastructure through a sustained
policy approach to forge a new era of sports and athletic activities. These efforts demonstrate the state's
commitment to promoting sports, which in turn contributes to the development of human capital. Its
patronage to the cause of Hockey including sponsoring the national team and hosting the Hockey World
Cup in 2023 collectively demonstrate its genuine willingness to encourage sports that in turn contribute to
formation of a formidable human capital.


Industrial glide path from Potential to Prosperity

Odisha's investment policy over the past decade has been characterized by innovation, infrastructure
development, and a commitment to improving ease of doing business. With initiatives like the Make in
Odisha Conclave 2025, the state is ready to further amplify its growth story, cementing its status as a top
destination for industrial investments in India.

The recently held vibrant roadshow in Mumbai, subsequent to the curtain-raiser event in Delhi, set the stage
for the 4th edition of Make in Odisha Conclave 2025 (Utkarsh Odisha), scheduled for January 28-29, 2025,
which aims to attract global businesses and secure major investments, reinforcing Odisha as a hub for
industrial growth, that represents a perfect alignment between national ambition and regional aspirations.

As someone who is deeply interested in Odisha’s growth story, there are several opportunities for Odisha
to expand its growth. Bhubaneswar could be developed into a regional aviation hub, enhancing connectivity
and trade quite akin to Dubai, Frankfurt and Amsterdam. Expanding tourism to include medical and
educational tourism, in addition to its traditional focus on religious and nature tourism, would attract a
diverse range of visitors. Additionally, creating a modern storage ecosystem could accelerate domestic
demand fulfillment and unlock the state's export potential. Through these initiatives, Odisha can continue
its journey from potential to prosperity, solidifying its place as a key industrial and economic force in India
that augers well with latter’s 2047 developed nation goal.

The writer is a columnist & Chartered Accountant and has co-authored a book titled “The Great Bank Robbery: NPAs, Scams and the Future of Regulation”. He can be contacted via e-mail at[email protected] 

DISCLAIMER: The views expressed in the article are solely those of the author and do not in any way represent the views of Sambad English.