With the aim to boost industrialisation and ease of doing business in the state, the Odisha government is set to announce the new Industrial Policy Resolution (IPR).
Addressing the executive committee of the Utkal Chamber of Commerce and Industry (UCCI), state industry minister Dibya Shankar Mishra informed that the Odisha government working relentlessly to address issues related to industrial development and hence it is coming up with these "revolutionary changes".
In 2015, the state government had tweaked the policy and made provisions for incentives for new units, concessional land in specific sectors, subsidies in power tariff, capital investment and reimbursement of value-added tax and stamp duty exemption.
However, due to the changes that have been forced upon due to the COVID-19 pandemic, these changes have become a necessity.
“The State has huge potential for industrial development and our government is determined to make necessary policy changes to harness these potentials," newindianexpress.com reported quoting Mishra.
"The redrafted IPR will attract more investment in the manufacturing sector apart from the mines and minerals sectors,” Mishra added.
He further said that Odisha could emerge as the second most preferred investment destination in the country.
"This has become possible only due to political stability and a very favourable ecosystem for investment Odisha," Mishra further said.
He also appealed to the UCCI members to take full advantage of the industrial parks and clusters that have been established in the state and contribute to the industrial growth of the state.
"The two aluminium parks coming up at Angul and Jharsuguda will help investors in adding value to this metal. Odisha is the leading state in terms of the production of aluminium in the country," newindianexpress.com further reported quoting the minister.
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