BHUBANESWAR: Aiming to step up growth by boosting manufacturing sector, Odisha Government today unveiled a new industrial policy with plans to attract fresh investments of Rs 1,73,000 crore in over four years.
“The policy lays the roadmap to realize the vision of enhancing the share of manufacturing to 15 per cent of the state’s GDP by attracting new investments to the tune of Rs 1,73,000 crore,” Chief Minister Naveen Patnaik said launching the Industrial Policy Resolution(IPR2015) here.
Targeting direct employment to about three lakh people with the new IPR, Patnaik said while mines and minerals would continue to be in focus, the policy would usher in new investments in manufacturing sector and make Odisha a destination for both domestic and international investors.
The specific sectors under focus include industries like auto components ancillary and downstream units, chemicals and petro-chemicals, electronics system design & manufacturing (ESDM), food processing, IT/ITes, plastics and textiles.
IPR-2015 is aimed at attracting investors and pivoted on the ‘ease of doing business framework, incentivising new economy sectors and employment intensive industries in the state, while outlining the government’s resolve to broad-base value added manufacturing facilities from being largely mining and mineral dependent.
Given Odisha’s strategic advantages, it is uniquely placed to attract substantial investments in the focus sectors.
IPR 2015 offers employment based incentives to prospective investors.
Other incentives include grants for private sector investments in both greenfield and brownfield infrastructure, subsidies in power tariff, training, capital investment and reimbursement of value added tax, stamp duty exemption and concessional land cost for investments in specific sectors.
Identifying 21 sectors as priority areas, the new policy also provides for additional incentives to anchor units.
Another feature of IPR-2015 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 get fast pace approvals through technology integration and dedicated investor facilitation cells.
For instance, Green Category Industries will now be approved within15 days and for other projects, the approvals would be accorded within 30 days.
The state has listed 42 services applicable for industrial development under the right to public services.
The chief minister also launched a website and a mobile app dedicated to provide useful information to investors in various sectors in the state.–PTI
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