Odisha Government Clears 26000 crore worth of Investment for the state

Giving clear indications of his intent to take Odisha to the next platform on big time reforms, the Naveen Patnaik government gave its approval to investments worth of Rs 26,076 crore in various sectors.  The step would give a breather to the government that has seen a clear shortfall in revenues earned over the past year owing to general slowdown of the economy that affects the entire globe.

The investments in Odisha  which have been cleared include sectors  like mining, power production and smelting. NALCO which had been pushing hard with the state government for a small unit at Sundargarh has been given nod to go ahead with the   0.5 mtpa smelter unit and a 1260 MW capacity captive power plant  in Sundargarh district.  The plant that would be set up at a cost of  16345.89 crore would  employ 3500 people  directly.

Other projects that got approval from the state government include

  • Uttam Galva Steel Ltd  –  That Proposes to setup  a HR Coil Plant with 2mtpa capacity  at Kalinga Nagar with  an investment of Rs 4000 crore
  • VBC group – That Proposes to set up  set up a gas-based combined cycle power plant to generate 750 MW of electricity at an investment of  Rs 2,876 crore.
  • Bhusan Steels Ltd – That  proposes  for a 12 mtpa iron ore beneficiation plant and a 4 mtpa pelletisation plant in Keonjhar district  at an investment of Rs 1,280  Crore.

All these industries put together are likely to generate an employment for over 4,300 people.  Along with this, they will be critical in contributing positively towards the economy of the state. Apart from this, the clearing in of the projects send clear signals to the industry that Odisha government, despite the setback of POSCO and Vedanta  is still keen on its commitment of industrializing the state .

[source: http://scraps.oriyaonline.com/blog/tag/investment-in-odisha]

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