Home ECONOMY New Odisha IPR aims at Rs 1.73 lakh crore investment

New Odisha IPR aims at Rs 1.73 lakh crore investment

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Odisha Sun Times Bureau
Bhubaneswar, Sep 3:

Odisha Government aims at raising the share of manufacturing to 15 percent of the state’s GDP by attracting Rs 1.73 Lakh Crore new investments into the state that will create direct employment for about three lakh people, Chief Minister Naveen Patnaik announced while launching the much awaited Industrial Policy Resolution (IPR) – 2015 today.

OST Photo
OST Photo

“The government is making concerted efforts to attract anchor investments in priority sectors which will be extended additional incentives. Besides, the state government is in the process of creating a large land bank to meet the industrial requirements of future. 10,000 acres will be added to the pool by the year-end and we propose to have a fairly large land pool readily available for use of industries by next year,” said Patnaik.

“I am extremely happy that operational guidelines of IPR 2015 have also been finalized. This will ensure that the provisions of the IPR are put into practice and the entrepreneurs receive the benefits without any delay. Already a number of reform measures have been put in place and necessary amendments carried out to the rules of the Odisha Industries Facilitation Act,” he added.

IPR 2015 provides greater thrust on garnering investments in the emerging sectors such as electronics manufacturing, food processing, textiles and downstream industries in steel and aluminium to generate sustainable employment opportunities for the jobseekers of the state. It provides for an initial corpus of Rs 100 crores to provide external infrastructure such as power, water, access roads to the industrial clusters.

A key feature of the policy is to support industries with large employment potential. An innovative employment rating based system is to be adopted to provide incentives in power tariff and manpower training cost for employment intensive industries.

Besides, the single window system has been strengthened in IPR 2015 to actualize the committed investments on the ground. The timeframe for project approvals has been reduced to 15 days for greenfield projects and 30 days for other projects. The government has also initiated the provision of deemed approval to ensure timely implementation of projects on the basis of various clearances issued by line departments within the specified timelines.

Apart from IPR 2015, Invest Odisha mobile application, Invest Odisha website and web-enabled GIS portal for land information system GO iplus were also launched on the occasion.

Commenting on the new industrial policy, some industrialists expressed hope while others suggested to the government to  ensure proper implementation of the policy in order to achieve intended results.

“The government has put forward the new policy based on the observation of recent events. The thrust area is employment generation. Higher incentive would be given to industries that generate more employment. So this policy is also about employment apart from investment,” said Arun Mishra, Vice President of Tata Steel.

“The policy is a good one. However, implementation matters more than the policy. The bureaucrats need to be industry-friendly so that the entrepreneurs can approach them for solutions as and when needed.  The implementation matters the most at the bottom level where the Tehsildars can ensure land, the police has a mindset to support the industry,” said Tara Patnaik, Chairman of Falcon group of companies.