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. At 32.8 per cent in February 2018, Odisha contributed the largest share of mineral production India in terms of value. Value of minerals produced in the state reached US$ 2.71 billion in April-February 2018.
Odisha accounts for over 55 per cent 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. The total production of iron ore in Odisha was recorded to be 92.88 million tonnes during April-February 2018.
Between 2011-12 and 2017-18, Gross State Domestic Product (GSDP) expanded at a Compound Annual Growth Rate (CAGR) of 10.30 per cent to Rs 4.16 trillion (US$ 64.54 billion) whereas the Net State Domestic Product (NSDP) expanded at a CAGR of 10.08 per cent to Rs 3.63 trillion (US$ 56.37 billion).
Odisha is amongst the top ten states accounting for the highest number of MSME enterprises. The state offers a wide range of fiscal and policy incentives for businesses under the Industrial Policy Resolution, 2015. Additionally, 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.
Odisha has vast potential for development of tourism. It is one of the critical sectors of the state’s economy, in terms of foreign exchange earnings as well as employment generation opportunities. In 2017, 14,011,229 domestic tourists & 100,014 foreign tourists visited the state of Odisha.
The following are some of the major initiatives taken by the government to promote Odisha as an investment destination: