Odisha (erstwhile “Orissa”) is a state located on the east coast of India by the Bay of Bengal. It is the 9th-largest state in India in terms of area and is the 11th-largest area by population. Bhubaneshwar is the capital city of Odisha and is also the state’s largest city. The state has a coastline of about 500 km and boasts of some of the most beautiful beaches in the world.
Odisha is known for its rich cultural heritage. It is also endowed with plentiful mineral and natural resources, which has helped the state to build a strong industrial base. Odisha houses a large number of small- and medium-scale industries from both the public and private sector. The Rourkela Steel plant is one of the prominent public sector industries in Odisha. The state is known as “the soul of India”, due to some its advantageous features, which are:
The state has an abundant educated and able workforce with above-average skill levels.
There is uninterrupted power supply throughout the state.
The state boasts of vast reservoirs of natural resources, such as chromite, bauxite, graphite, iron ore, manganese ore, and so on.
It has an excellent transportation system. The city has well-connected road and rail routes.
The atmosphere is very investor-friendly.
It has a supportive, responsive, and flexible administrative framework.
The communication system is well-established throughout the state.
It has a large market base for consumers.
All these features make up the perfect ingredients for making business investments in the state. Apart from these factors the favourable government investment policies makes this state one of the most preferred destinations for investing. The state could be a perfect place for investing in sectors, such as Automobile Industry, Agro-based, Biotechnology, Mineral-based Industries, and Handicrafts and Hand looms sectors.
Amongst all the industries mentioned above the sector that promises the best returns on investment is the Agro-based sector. This is because nearly 65% of the state’s population is engaged in the sector. Also, the government of Odisha gives utmost priority to agro-based and food processing industries. There are several investment opportunities in the sector, which include:
Providing infrastructure like cold storage, lift irrigation, storage godown, and so on
Fishing and fish processing
Setting up of agro-based industries to add value to the agricultural production
Producing of organic plants like tea, ginger, coffee, turmeric, cashew, and so on
After the Agro-based sector the Automobile Industry in Odisha holds huge investment potential. This is mainly because of the state’s inherent advantage in terms of easy availability of essential raw materials and a skilled workforce.
Because the state has a rich bioresource base, it offers several opportunities for investment in the Biotechnology sector particularly in fields such as biofertilizers and biopesticides. The sector is particularly good for investment because the government of Odisha has been encouraging investors by providing them the essential infrastructure and by providing them other assistance.
The government of Odisha has also framed several policies with a view to attract new investments in different sectors of the state. These policies have been framed with an aim to attract investments and generate employment for the locals and improve their quality of life.
Thus, easy availability of infrastructure and the supportive government make Odisha a front-runner state in India to invest.