Odisha Govt Amends Law To Attract Industrial Investment

Bhubaneswar: The Odisha Assembly on Tuesday approved the Odisha Industrial Infrastructure Development Corporation (Amendment) Bill, 2020 to amend the existing law to provide infrastructural facilities to give a boost to investment.

Piloting the Bill, Industries Minister Dibya Shankar Mishra said, “Odisha has emerged as a leading state in implementing the Central schemes like ‘Make in India‘ and ‘Ease of Doing Business’ for industrial growth. The State-run Industrial Infrastructure Development Corporation (IDCO) has to play a pivotal role in implementing the schemes in providing infrastructural facilities for investment proposals. The Bill seeks to achieve these objectives.”

He said different new Acts have brought in a lot of changes which concern the functions of the IDCO as well as the need of industries, trade and commerce. The amendment aims at effecting the changes in the processes, related statutes and institutions since 1981 and the provisions of the new Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013, he added.

At present, the IDCO has been functioning as the nodal agency of the state government in sharing various developmental activities sponsored by the Centre for establishment of industrial regions such as Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR), National Investment Manufacturing Zone, Aluminium Park, Plastic Park, Sea Food Park, Textile & Apparel Park , Plastic and Polymer Industry in the state.