Odisha Plans Industrial Policy Tweak To Attract Investors Amid Corona Crisis

Bhubaneswar: The Odisha government is planning to tweak its Industrial Policy Resolution (IPR) 2020 in order to accommodate concessions and employment-link incentives amid the changing economic scenario due to coronavirus outbreak.

Since many investors from across the world have shown interest in investing in Odisha, therefore, the new clauses are expected to restore their confidence in the state.

Notably, the government has approved investments worth Rs 9,000 crore so far despite the distressing circumstances. “For Korean companies, we have 300 acres ready at Infovalley on Bhubaneswar’s outskirts. Likewise, the state government has alienated 1200 acres of encumbrance free land at Dhenkanal for the potential Japanese investments. Odisha’s forte lies in providing encroachment free land as well as plug & play office space”, a state government official told Business Standard.

Meanwhile, the authorities are also devising strategies to attract companies that are thinking about moving out of China to establish their manufacturing hubs.

Apart from the global companies, the State Level Single Window Clearance Authority (SLSWCA) has so far approved three investment proposals of Indian companies including Kashvi International, Purosteel India Pvt Ltd, and Odisha Carriers & Trade.

These businesses will set up different manufacturing units related to steel, tubes & pipes PVD coating, and logistics parks cum fulfillment centres in the state, the official added.

Also Read: New Industries In Odisha & Bihar Can Boost Employment With Less Cost Amid Corona Pandemic: Experts