Odisha govt. approves industrial projects worth ₹1.36 lakh crore 

The approval for industrial projects which has potential to generate 74,350 jobs has come ahead of visit of Prime Minister Narendra Modi who is likely to review performance of new BJP government in the State.

Ahead of Prime Minister Narendra Modi’s meeting with Chief Minister Mohan Majhi, his cabinet colleagues, MLAs and other leaders, the State government has approved project proposals that entails an investment to the tune of ₹1,36,622.24 across 20 transformative industrial projects.

The High Level Clearance Authority (HLCA) under chairmanship of Mr. Majhi gave go ahead to these projects, spanning across diverse sectors such as steel, chemicals, green energy and textiles, which are poised to generate employment for over 74,350 individuals and significantly bolster Odisha’s economic growth, said the State government in a statement.

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“Odisha is the premier investment destination in eastern India, as demonstrated by the success of the Utkarsh Odisha roadshows held in Delhi, Mumbai, and Singapore. Under leadership of CM Mr. Majhi, the State has successfully attracted significant investor interest,” it said.

According to Industrial Promotion and Investment Corporation of Odisha Limited (IPICOL), “in just six months since the formation of the new government in June 2024, over 1.1 lakh jobs will be created through 73 industrial projects, collectively attracting investments exceeding ₹1,80,000 crore.”

“Through strong cooperation between the State and Central governments, we have fostered a business-friendly environment that attracts investors to Odisha. Our focus is on creating an ecosystem that promotes inclusive growth, sustainability, and job creation,” said CM Mr. Majhi in a statement.

The projects by approved are in nine sectors including steel, chemicals, aluminium, aviation fuel, green energy and equipment, apparel and textiles, power and renewable energy and cement.

These projects are strategically distributed across 10 districts of Odisha Such as, Jajpur, Jharsuguda, Khordha, Sambalpur, Ganjam, Kalahandi, Malkangiri, Dhenkanal, Bhadrak and Jagatsinghpur.

The bulk of the investment approved by HLCA will come from Tata Group which proposed to expand of its integrated steel plant capacity from 0.98 MTPA to 9.50 MTPA at Neelachal Ispat Nigam Limited with an estimate investment of ₹61,769 crore in Jajpur district.

The Bharat Coal Gasification and Chemicals Limited, a central public sector unit, will manufacture ammonium nitrate plant from high ash coal with annual capacity of 6,60,000 metric tonnes. It CPSU will invest ₹11,782 crore in Jharsuguda.

Similarly, Hindalco Industries Limited will expand its aluminium smelter capacity from 0.38 million tonne per annum to 0.68 mtpa at an estimated investment ₹10,645 crore in Sambalpur.

As PM Mr. Modi will spend close to two hours in party office on Friday, approval of series of investment proposals has come in in the nick of time.

Published - November 29, 2024 10:03 am IST