Bhubaneswar: In order to attract investments in its focus sector of Textiles & Apparel, the state of Odisha has developed a textiles park at Bhadrak district and has pitched for investments to the investor community across the country. Because of its proximity to the industrial hubs of the country and the abundant availability of land, labour and other utilities such as power and water, the textile park offers unique advantages to the investors.
During the State’s investors meet at Kolkata on January 31st, 2018, the State delegation had met Materials Chemicals and Performance Intermediaries Private Limited (MCPI) and pitched Odisha’s conducive business environment and also invited for a site visit to the Bhadrak textiles park. Subsequently, officials from MCPI had visited the site and held discussions with the state government. After successful discussions, MCPI has expressed its desire to set up a polyester continuous polymerization and allied yarn project. The company has recently submitted a Rs. 1000 cr proposal through the online single window portal GO-SWIFT (Government of Odisha – Single Window for Investor Facilitation and Tracking). The project has an employment potential of around 200 people.
The project will act as an anchor project and help in supplying feedstock or raw material to the downstream technical textile industries which will come up in the textile park and will generate an employment potential of around 1 lakh people and help in the realization of the State’s dream of transforming the region into a textile hub. This will provide a big boost to the textile park and will help in the overall development of the region. The State Government is equally keen on ensuring the grounding of the project and is evaluating the proposal for providing speedy approval.
Notably, of the 124 investment intents received during the investors’ meets organized last year at Mumbai, Bengaluru and in the Make in Odisha Conclave 2016, the state government has received and approved firm proposals for 76 projects worth Rs. 2.02 lakh crore.
With the objective of attracting 2.5 lakh crore of fresh investments and generating 30 lakh job opportunities as part of Hon’ble CM Shri Naveen Patnaik’s Vision – 2025, the Government of Odisha is working tirelessly towards diversifying and broadening the state’s industrial development across the focus sectors. Odisha’s business friendly policies and the development of world-class infrastructure have received very positive feedback from investors across the country as the State has been able to create an ideal business ecosystem for various sectors to flourish in the state. Over the last 3 years, the State Government has embarked upon the implementation of a Business Reforms Program to make it easier for companies to set up and operate in the state following which Odisha has been recognized as a ‘Leader’ in terms of implementation of business reforms with 92.73% score in the Ease of Doing Business Report of 2016.
ASSOCHAM has ranked Odisha as the No. 1 state in terms of investment implementation rate and the state is consistently ranked amongst the top 3 States in terms of live manufacturing investments in India. Odisha has registered a GSDP growth rate of 7.94 percent in 2016-17, surpassing the national growth rate of 7.1 percent. The second edition of the biennial Make in Odisha Conclave 2018 has been scheduled to be held in Bhubaneswar from November 11-15, 2018.