Odisha one of the best state in cost of doing business and facilitation: MD IPICOL

– Odisha attracting global players
– Manufacturing GVA set to reach 40 billion dollars in 5 years
– Odisha has given world wonderful startup leaders

Bhubaneswar, February 28, 2024: MD of IPICOL and IDCO Bhupendra Singh Poonia highlights Odisha as the best state in the country in cost of doing business and facilitation.

While talking at the Manufacturing conclave organised by ASSOCHAM in Bhubaneswar Wednesday, he said that Odisha traditionally considered as the mining and metal based industry state. Now we are diversifying to other sectors like apparel manufacturing, food processing etc. We are doing excellent in IT and food processing. Cost of labour is competitive and skilling, reskilling is one of the focus area of our government. We also giving wonderful incentives to industries across sector.”

Pankaj Lochan Mohanty, Chairman of Odisha State Development Council at ASSOCHAM, highlighted Odisha’s impressive manufacturing sector, contributing 14.42% to the state GDP, with a remarkable growth rate of 7.82%, surpassing national averages. He noted an influx of INR 4.74 lakh crore in investments between 2015 and 2022.
The conclave was focusing on discussions around ESG, smart logistics, circularity and advanced digitization. The dialogue holds particular significance as India strives to achieve the Sustainable Development Goals (SDGs) by 2030 and Net Zero by 2070.

Arijit Basu, Chairman of ASSOCHAM Manufacturing Hub Council, Eastern Region, highlighted the steady growth in the Gross Value Added by the manufacturing sector in India, projected to reach US $266.40 billion in 2024, with a Compound Annual Growth Rate (CAGR) of 8.21% in the next five years (2024-2028). He also noted the industrial output, expected to amount to US $1,360.00 billion in 2024, with an annual production growth rate of approximately 4.7% in 2023.

Addressing the gathering, Ms. Perminder Jeet Kaur, Senior Director at ASSOCHAM, remarked, “Odisha has given the world some startup leaders who have revolutionized business practices. From Ritesh of OYO disrupting the hotel industry to the Kalahandi couple working with marginal farmers, we have differentiators among us.” Emphasizing the importance of innovation, she invited all members to collaborate and strengthen the manufacturing ecosystem in Odisha and India.

The conclave delved into strategic thinking, sustainable initiatives, stakeholder impact and other crucial areas, aiming to propel a vision for advancing the engineering and manufacturing community in the context of globalization. The shared objective is to catalyze investments and promote commendable ESG practices, smart logistics, innovation, sustainability, and inclusive growth in the ongoing industrialization process.

On this occasion a report by ASSOCHAM-Resurgent; Reimagining manufacturing smart approaches for the next phase reports was released.

Other dignitaries present at the event Dr Pradipta Mohanty, Chairman, SNM Group Mr Sanjeet Kumar, Executive Director, Resurgent India Limited, Mr Suresha G Executive Director, ArcelorMittal Nippon Steel India, Mr Himanshu Priyadarshi Vice President and Chief Public Affairs, Communications, Sustainability Officer Hindustan Coca Cola Beverages also spoke.