Odisha plans to formulate downstream industry policy

Bhubaneswar, Oct 28:

Odisha is planning to formulate a downstream policy by the end of this financial year to attract more investment to the state in the downstream industries’ sector.

Industry Minister Debi Prasad Mishra on Wednesday said the government is preparing a policy for attracting investment in the downstream industries’ sector that would generate more employment and revenue for the state.

Mishra said it would come up by the end of the current fiscal.

Informing that the state has huge potential in the mineral, aluminium and steel sectors, he said the government would provide several incentives to the industries concerned through the policy.

Recently, Odisha launched the Industrial Policy Resolution, 2015, focusing on auto components, ancillary and downstream industries, chemicals and petrochemicals, electronics system design and manufacturing (ESDM), food processing, IT/ITeS, plastics, and textiles.

The government expects to enhance the share of manufacturing from 9 percent to 15 percent of the state’s GDP by attracting new investments to the tune of Rs.1.73 lakh crore and providing direct employment to about 3 lakh people.

Mishra said the government would hold road shows in Britain, Germany and Israel in the coming days to attract investment to the state. (IANS)