Odisha gets 10 trillion investment proposals, but huddles remain before actual realisation

Bhubaneswar: Odisha has bagged 741 investment proposals worth of Rs 10.50 lakh crores during the Make in Odisha (MIO) Conclave 2022, concluded on Saturday. While the state government was expecting about Rs.6 lakh crore investments, the actual investment proposals it has fetched has exceeded all expectations.

However, the realization of these proposals will depend on various factors including regulatory clearances, land acquisition and market situations and local people support an expert said. Several mega projects, announced earlier, had to face tremendous difficulties owing to these issues.

South Korean steel major POSCO, had to wind up from the state, after struggling to acquire land and local resistance.

Addressing at the valedictory session of the MIO conclave, Chief Minister Naveen Patnaik announced that the conclave has generated investment intents of Rs 10.50 lakh crores with potential for 10.50 lakh direct and indirect employment.

“It’s heartening to see the huge response we have got especially in the post covid scenario,” he said.

Mr.Patnaik urged the officials to work hard to implement these investments on the ground and take Odisha to a new era of growth.

He assured all the investors that his government will walk the extra mile for them. “We will walk the talk. It will be a win-win situation,” he told the investors.

“I hope that we further strengthen our relationships and create more opportunities for mutual trade, commerce, and people-to-people relationships,” Patnaik said, adding, “Let the juggernaut move on.”

Briefing media persons, Industries Principal Secretary Hemant Sharma said a total of 741 investment intents worth Rs 10,48,807 crore has been received during the MIO Conclave.

The State has received a lot more investment proposals during the third MIO Conclave than it did during the first two MIO Conclaves, which took place in 2016 and 2018. The State had only received investment offers totaling Rs 6 lakh crore in the previous two Conclaves.

Out of the total, the minerals, metals, and metal downstream sector has received the most investment proposals worth Rs. 5.49 lakh crore, followed by the power, renewable, and green energy sector with Rs. 2.38 lakh crore, the logistic and infrastructure sector with Rs. 1.19 lakh crore, the chemical, fertiliser, and plastics sector with Rs. 76,080 crore, the manufacturing field with Rs. 21,634 crore, and the tourism sector with Rs. 8,235 crore.

Similarly, investors proposals worth Rs 7,740 crore has been received from IT&ESDM sector, Rs 7249 crore from agriculture & food processing, Rs 5,306 crore from paper, woods & forest-based industries, Rs 5012 crore from cement, Rs 3935 crore from health sector, Rs 2640 crore from textile and Rs 2055 crore from aerospace & defence sector, he said.

Highest investment proposals were received from AMNS and JSW, said Mr.Sharma.

Notably, on the first day itself, the State Government has got investment proposals worth Rs 7.26 lakh crore while on the second day, the MIO drew investment of Rs 1.70 lakh crore.