Major Economic Boost with New Investments
In a major push for economic development, the Odisha government has approved 12 key industrial projects amounting to Rs 39,271.50 crore in investments. These projects are expected to generate over 17,000 jobs, contributing to the state’s growing industrial landscape. This significant move came during the 36th High-Level Clearance Authority (HLCA) meeting, chaired by Chief Minister Mohan Charan Majhi.
The state government aims to attract Rs 2.5 lakh crore in industrial investments over the next five years. Remarkably, within the first 100 days of the new government, 90% of the annual investment target has already been achieved, with Rs 44,682.92 crore worth of proposals approved. These projects, along with those cleared in the State Level Single Window Authority meeting in July, are set to create a total of 36,462 jobs.
Strategic Investments Across Diverse Sectors
The approved investments span a wide range of industries, including Electronics System Design & Manufacturing (ESDM), Steel, Metal Downstream, Chemicals, Cement, Green Ammonia, and Rubber/Plastics. These projects are spread across eight districts: Khurdha, Dhenkanal, Jagatsinghpur, Cuttack, Sambalpur, Ganjam, Balasore, and Keonjhar.
Chief Minister Majhi expressed his commitment to making Odisha a premier investment destination, emphasizing the state’s goal of becoming an industrial hub. “This is our first HLCA meeting under the new government, and I am honored to lead this significant event. We are implementing various measures to make Odisha one of the most business-friendly states. Industrialization and job creation remain our top priorities,” said Majhi.
A Focus on New-Age Industries
The government’s focus on high-tech and new-age industries was evident with the approval of three major proposals in the ESDM sector. Silectric Semiconductor Manufacturing Pvt. Ltd. received approval for a Silicon Carbide Device manufacturing unit, while Heterogeneous Integration Packaging Solutions Private Limited will establish a plant for glass substrates used in semiconductor packaging. Additionally, Kaynes Circuits India Pvt. Ltd. will set up a manufacturing unit for Printed Circuit Boards (PCBs).
All three projects, located in Khurdha, represent a combined investment of Rs 6,355.50 crore and will create 2,320 jobs. These initiatives are crucial for strengthening Odisha’s presence in the electronics and semiconductor manufacturing sectors, further diversifying its industrial base.
Expansion in Chemicals, Steel, and Cement Sectors
In the chemical sector, two major investments were approved in Jagatsinghpur. Laxmi Organic Industries Ltd will set up a synthetic organic chemical manufacturing unit, and Epigral Limited will establish another chemical manufacturing plant. Together, these projects amount to an investment of Rs 5,355 crore and are expected to generate 1,900 jobs.
The steel and metal downstream sectors also received significant attention. Electrosteel Castings Limited will establish a 500,000 MT ductile iron pipe manufacturing plant in Dhenkanal, and Jindal (India) Limited will set up a steel pipe processing facility for Electric Resistance Welded (ERW) pipes. Bhushan Power and Steel Limited will create a metal downstream complex in Sambalpur. The combined investment from these three projects is Rs 12,191 crore, projected to create 5,570 jobs.
Shyam Steel Manufacturing Limited will establish a 0.5 MTPA integrated steel plant in Keonjhar with an investment of Rs 2,510 crore, expected to create 3,640 jobs. This addition further strengthens Odisha’s position as a major steel-producing state in India.
In the cement sector, Ambuja Concrete North Pvt. Ltd. will set up a cement grinding unit in Cuttack, with an investment of Rs 1,400 crore and employment for 410 individuals.
Green Ammonia and Rubber/Plastics Sectors See Major Investments
One of the most substantial investments came from Torrent Green Hydrogen Private Limited, which will establish a Green Ammonia project in Ganjam. With an investment of Rs 10,260 crore, this project is expected to generate 1,558 jobs. The Green Ammonia sector, focused on sustainable and environmentally friendly solutions, is poised to play a crucial role in Odisha’s industrial future.
In the Rubber and Plastics sector, Dalmia Bharat Refractories Limited will set up a manufacturing unit for tyres, tubes, and flaps in Balasore. This project, with an investment of Rs 1,200 crore, will provide employment to 1,700 individuals.
Odisha’s Growing Economic Prospects
Odisha’s continued push towards industrialization is evident through these large-scale projects across diverse sectors. The state is rapidly emerging as an attractive destination for investments, particularly in advanced industries such as semiconductors, chemicals, and green energy.
The state government’s proactive approach in securing these investments not only ensures economic growth but also provides significant employment opportunities. With strategic projects spread across various districts, these investments will uplift local economies and boost Odisha’s manufacturing capabilities.
Odisha’s Rs 45,000 crore investment proposals mark a major step toward transforming the state into an industrial powerhouse. By targeting diverse sectors and strategically placing these projects across multiple districts, the state government is positioning Odisha as a top choice for both national and international investors. As the approved projects move forward, the state’s economy is set to grow substantially, creating new job opportunities and fostering long-term economic development.
(With inputs from agencies)
