December 26, 2024 10:55 am (IST)
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Odisha government gives thrust to industrial growth, announces IPR 2015
Bhubaneswar, Sept 4 (IBNS) Chief Minister of Odisha Naveen Patnaik on Thursday announced the State's new industrial policy, christened Industrial Policy Resolution (IPR-2015).
The new Policy – aimed at attracting investors – is pivoted on the ‘ease of doing business’ framework, incentivising New Economy sectors and employment-intensive industries in the State.
While unveiling IPR 2015, Patnaik said, “While mines and minerals will continue to be in focus, we are confident that the new Policy initiatives will usher in new investments in the manufacturing sector in the State and make Odisha a destination of choice for both domestic and international investing communities.”
Importantly, IPR 2015 outlines the Odisha Government’s resolve to broad-base value-added manufacturing facilities from being largely mining and minerals-dependent. The Policy aims at enhancing the manufacturing sector contribution to 15% of the State’s GDP by 2019 from the current 9%, resulting in an additional employment opportunity for more than three lakh people.
Odisha has chosen specific sectors to push its pro-manufacturing agenda. These include industries such as: Auto components, Ancillary and Downstream industries, Chemicals and Petrochemicals, Electronics System Design & Manufacturing (ESDM), Food Processing, IT/ITeS, Plastics, and Textiles.
Given the State’s strategic advantages such as stable political leadership, land bank of 75,000 acres, industry-ready technical and managerial manpower, competitive labour wages, 24X7 power supplywith attractive tariffs, coupled with presence of Paradip Port as a gateway to the ASEAN region, Odisha is uniquely placed to attract substantial investments in the focus sectors.
IPR 2015 – as a first such initiative in the country – offers employment-based incentives to prospective investors.
Other unique incentives include grants for private sector investments in both greenfield and brownfield industrial infrastructure, power tariff subsidy, training subsidy, capital investment subsidy, reimbursement of value-added tax, stamp duty exemption, and concessional land cost for investments in specific sectors. The Policy also provides for additional incentives to anchor units. A unique feature of the Policy is to set up an infrastructure development fund with an initial corpus of Rs 100 crore for developing external infrastructure services.
Another important feature of the new policy is to fast-pace the approvals through technology integration and dedicated investor facilitation cells. For instance, Green Category Industries will now be approved within 15 days and for other projects, the approvals will be accorded within 30 days. The State has listed 42 services applicable for industrial development under the Right to Public Services Act.
While unveiling IPR 2015, Patnaik said, “While mines and minerals will continue to be in focus, we are confident that the new Policy initiatives will usher in new investments in the manufacturing sector in the State and make Odisha a destination of choice for both domestic and international investing communities.”
Importantly, IPR 2015 outlines the Odisha Government’s resolve to broad-base value-added manufacturing facilities from being largely mining and minerals-dependent. The Policy aims at enhancing the manufacturing sector contribution to 15% of the State’s GDP by 2019 from the current 9%, resulting in an additional employment opportunity for more than three lakh people.
Odisha has chosen specific sectors to push its pro-manufacturing agenda. These include industries such as: Auto components, Ancillary and Downstream industries, Chemicals and Petrochemicals, Electronics System Design & Manufacturing (ESDM), Food Processing, IT/ITeS, Plastics, and Textiles.
Given the State’s strategic advantages such as stable political leadership, land bank of 75,000 acres, industry-ready technical and managerial manpower, competitive labour wages, 24X7 power supplywith attractive tariffs, coupled with presence of Paradip Port as a gateway to the ASEAN region, Odisha is uniquely placed to attract substantial investments in the focus sectors.
IPR 2015 – as a first such initiative in the country – offers employment-based incentives to prospective investors.
Other unique incentives include grants for private sector investments in both greenfield and brownfield industrial infrastructure, power tariff subsidy, training subsidy, capital investment subsidy, reimbursement of value-added tax, stamp duty exemption, and concessional land cost for investments in specific sectors. The Policy also provides for additional incentives to anchor units. A unique feature of the Policy is to set up an infrastructure development fund with an initial corpus of Rs 100 crore for developing external infrastructure services.
Another important feature of the new policy is to fast-pace the approvals through technology integration and dedicated investor facilitation cells. For instance, Green Category Industries will now be approved within 15 days and for other projects, the approvals will be accorded within 30 days. The State has listed 42 services applicable for industrial development under the Right to Public Services Act.
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