Odisha holds a significant position in the nation as a mineral-rich state due to its abundant natural resources, consisting of high-grade iron ore, bauxite, chromite, manganese, etc.
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, and tin ore. Odisha has emerged as the key state with regard to the mineral and metal-based industries. In 2019-20^, Odisha contributed to the largest share (43.0%) of mineral production (by value*) in India. Value* of minerals produced in the state reached Rs. 299.19 billion (US$ 4.03 billion) in 2020-21^.
Odisha accounts for over 55% 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 among the largest producers of iron and steel in India. In 2020-21, total exports of iron ore from Odisha stood at US$ 2,116.07 million (~20.7%).
At current prices, the state’s gross state domestic product (GSDP) is projected to be Rs. 7.2 trillion (US$ 87.39 billion) in 2022-23BE.
According to the DPIIT, cumulative FDI inflows in the state stood at US$ 130.89 million between October 2019-June 2022.
Odisha has emerged as a key state with regard to the mineral and metal-based industries.
As of August 2022, Odisha had a total installed power generation capacity of 7,648.56 MW, of which 1,530.85 MW was under the central utilities, 3,840.52 MW (under state utilities) and 2,277.19 MW (under private sector).
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.
Below are some of the major initiatives taken by the Government to promote Odisha as an investment destination:
*- Excluding fuel minerals, atomic minerals and minor minerals, ^- Until February month of that particular fiscal year
Dr. Harsh Vardhan, Union Minister for Health and Family Welfare inaugurated six new ‘Outreach Service Centres for Communication Disorders' across the country by All India Institute of Speech and Hearing (AIISH), Mysuru.
The High Level Committee (HLC) under the Chairmanship of the Union Home Minister, Mr. Amit Shah, has approved additional Central assistance under the National Disaster Response Fund (NDRF) to six States, which were affected by cyclone/ floods/ landslides during this year.