Odisha Grows 18 Times in Last 24-yr With Naveen Patnaik Vision

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Industrialisation in Odisha: Naveen Model Guides on Rapid Growth Path

By Pradeep Kumar Panda

BHUBANESWAR, May 13, 2025 – As per ICRA report, Odisha’s industrial gross state value added (GSVA) grew at a compound annual growth rate (CAGR) of 10% between FY2015-FY2024, highest among all states. The growth was mainly fueled by manufacturing sector.

With constant effort to attract investment through Make In Odisha and meticulous nurturing of industrial environment, the industry share in GSVA has reached 51% in 2024 which is among highest in the country.

Odisha has also recorded second highest growth in GSVA at constant prices at more than 7%, compared to 5.8% growth recorded by national economy. The sustained industrial growth not only transformed Odisha’s economy but also brought prosperity for the people, which would not have been possible without the support of 4.5 Crore people of Odisha.

GSDP of Odisha has increased 18 times during last 24 years (₹46,576 crore in 2000 to ₹8,61,507 crore in 2024). Per Capita Income has increased 16 times (₹10,211 in 2000 to ₹1,65,303 in 2024). Export increased from ₹387 crore in 2000 to ₹1,65,211 crore in 2024 (7^th largest in India).

Odisha is endowed with vast resources of a variety of minerals and occupies a prominent place in the country as a mineral rich State. Abundant reserves of high-grade Iron ore, Bauxite, Chromite, Manganese ore along with other minerals such as Coal, Limestone, Dolomite, Tin, Nickel, Vanadium, Lead, Graphite, Gold, Gemstone, Diamond, Dimension & Decorative Stone etc. are extensively available in the State.

This has opened up immense possibilities for locating mineral based industries for manufacture of Steel, Ferro-alloys, Cement, Alumina/Aluminum, Refractories, Thermal Power etc., along with setting up other auxiliary and ancillary downstream industries.

Odisha is one of the most mineral rich states in India. Key minerals found in the state are iron, coal, bauxite, manganese, nickel, chromite, limestone, dolomite, graphite, decorative stones, beach sand, China clay, tin ore, etc.

For the record, Odisha has about 28% of India’s iron ore, 24% of coal, 59% of bauxite and 98% of chromite.

Odisha accounts for over 59% of India’s bauxite reserves, making it an ideal location for setting up aluminium and aluminium-based companies. The state ranks first in the country in terms of both production capacity and actual output of aluminium. Odisha is one of the favoured investment destinations for domestic and international iron and steel players as well as one of the largest producers of iron and steel in India.

In the energy sector, independent power producers (IPPs) have invested over ₹3 lakh crore on coal-fired projects after entering into MoUs with the state government. Among the 28 power companies, only three – Sesa Sterlite, Jindal India Thermal Power and GMR Kamalanga Energy Ltd – have commenced commercial production in the last 15 years. The IPPs have a combined capacity of 37,000 MW.

In the steel sector, out of ₹222,862.63 crore investment proposed in 50 projects, ₹109,638.90 crore has been invested. Then, ₹66,444 crore has been proposed in the aluminium sector by three companies – Vedanta, Aditya Aluminium and RSB Metaltech.

Odisha is amongst the top ten states accounting for the highest number of MSME enterprises. Odisha government also launched its startup policy 2016 that aims to create 1,000 startups in the state by 2020. The policy will aim at providing incentives, support and assistance to start ups at all stages of development including idea or prototype stage, commercialization stage as well as the marketing stage. Total MSME enterprises is 17 lakh (January 2025).

The state has sector-specific policies for IT and micro, small and medium enterprises. The state government has constituted “Team Odisha” to help with investment promotion. The state government has constituted “Team Odisha” to help with investment promotion. The Odisha Industry is going places with excellent industrial infrastructure and presence of top national and international companies. The state has witnessed an industrial upsurge due to the favorable industrial atmosphere in the state. The state government of Odisha has invited major industrial houses of the country and abroad to invest in the state. It has achieved a considerable amount of success and several prime companies have set up their plants in the state.

Industrial Promotion & Investment Corporation of Odisha Ltd (IPICOL) has constantly and consistently increased the visibility of the State in National & International level by participating and organizing events, seminar and workshops across the globe. The brand “Invest Odisha” is being promoted as the best Investment destination through various modes. Make in Odisha is the flagship biennial event organized in Bhubaneswar to showcase the prowess of Industrial ecosystem in the state.

The Government organized the first conclave in 2016 which attract 84 proposals worth ₹2.03 lakh crores of Investment. Fifty out of those proposals were approved, 29 of those projects are under construction. Six out of those projects have already started production. The second edition of the conclave was organized in 2018 which attract ₹4.23 lakh cr of investment across 17 diversified sectors, while 202 investment intents were received during the event and 100 proposals were approved. Fifty-eight of those projects have already started construction and five have already started production.

The Government of Odisha unveiled a strategic action plan for the implementation of the ‘Vision 2025’ which lays a road map for industrial growth in the state over the next decade during the recently concluded Odisha Investors meet in Bengaluru. The state has identified five focus sectors that include agro and food processing, chemicals and petrochemicals, textiles and apparel, downstream and ancillary industries in metal sector and electronic system design and manufacturing and IT/ITeS. The plan covers policy, infrastructure, investment promotion and skilling interventions that the state government plans to undertake for industrial development in these focus sectors.

The state government also launched an advance version of its industrial portal for land use and services i.e, GOPLUS. The GOPLUS Version 2.0 provides information about the entire land bank available in the state for industrial use and works as a onestop portal to provide information about all land related queries of an investor. Using the portal, an investor can get information about availability of land parcel in the vicinity of preferred infrastructure utilities such as airport, port etc.

(This is an opinion piece; views expressed solely belong to the author)

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