As many as 21 MoUs (memoranda of understanding) were exchanged and close to 46 Investment Intent Forms (IIF) amounting to around ₹5.85-lakh crore were submitted at the third edition of Odisha’s flagship investor summit. Arcelor Mittal JV with Nippon Steel, Adani Group, JSW Group, Vedanta Group and ReNew Power, among others, have envisaged interest in the State.

The Make in Odisha Conclave 2022, organised by the State government in collaboration with the Federation of Indian Chamber of Commerce & Industry (FICCI), also saw the launch of the Industrial Policy Resolution 2022 which focuses on making the State a destination of choice for industrial enterprises across the country and globally, said an official statement.

ArcelorMittal in a JV with Nippon Steel is setting up a 24-mt plant in Odisha. Adani Group’s capital expenditure in Odisha over the coming 10 years will cross ₹60,000 crore and the company is planning for 35 berths and a 5-mt LNG terminal at Dhamra Port, an alumina refinery and an iron ore project which will create thousands of jobs in the State, said Karan Adani, CEO, Adani Ports & SEZ Ltd.

JSW Group will invest about ₹1-lakh crore more in Odisha for setting up a steel plant in Paradip and silicon metal plant to produce solar panels. The group has already invested ₹60,000 crore in the State, said Chairman Sajjan Jindal.

Vedanta Group will invest over ₹1-lakh crore while creating direct and indirect livelihood for five lakh people in the State through the Vedanta Aluminium Park spread over 253 acres at Jharsuguda. The park will bring more downstream players to Odisha to deepen industrialisation in the State, Anil Agarwal, Chairman & Founder, Vedanta Resources Ltd, said at the conclave.

ReNew Power signed an MoU with Odisha to invest close to ₹45,000 crore which will be focused on projects related to green ammonia, hydropower and nature based solutions. Tata Steel, which has a production capacity of 8 mt in the State, is looking to double the capacity.

New industrial policy

After the success of the first two editions of ‘Make in Odisha’ in 2016 and 2018, the key focus of MIO 2022 conclave was to highlight the State’s policy and regulatory framework towards investors and entrepreneurs focusing on emerging business opportunities, investments and the business ecosystem across key sectors.

According to Chief Minister Naveen Patnaik, the new policy provides the support and incentives which are beyond the best in the country. The State is launching new policies in the sectors of tourism, renewable energy, apparel and textile, food processing, exports and so on. “We will continue to work with each one of you and understand the requirements of your sector and provide the best of support systems. As you all know, Odisha is a major force in the field of mining and mineral-based industries. The State has attracted major investments in steel and aluminum projects and will emerge as the global hub in these sectors by the turn of this decade,” he said on the first day of the conclave.

The government, he said, is ambitious to develop Odisha in other sectors too and is making huge capital investment in improving the transport infrastructure — expressways, railways, airports, seaports. The State has been a pioneer in electricity reforms and has successfully created the framework and investment towards providing quality affordable energy. Odisha is destined to become a $1-trillion economy soon and will emerge as the gateway to East and Southeast Asia.

The State has been able to reduce poverty by 50 per cent, while doubling the farmers’ income over the last two decades. The government’s fiscal prudence and economic management has been appreciated across the country. Odisha is one of the few States with adequate revenues to undertake large scale infrastructure projects, he said.

“Our investor-friendly initiatives and transformatory governance has put us on a journey of progress and prosperity. I invite each one of you to come join us on this journey. I assure you that our government will run the extra mile to make you comfortable in our state. We will walk along your side and make sure your dreams as an entrepreneur are realised. Odisha’s prosperity is inter-linked with new investments,” he added.