Make in Odisha conclave generates investment proposals of Rs 10.5 trillion

The third edition of Make in Odisha conclave, showcasing the state as a preferred investment destination, ended on Saturday with the state saying it received investment proposals to the tune of Rs 10.5 trillion, topping the earlier editions by a long shot. It also said the investment proposals could generate over 10 lakh direct and indirect jobs.

The inaugural edition in 2016 had generated investment intents of Rs 2.03 trillion and the second edition in 2018, more than Rs 4 trillion.

Addressing the valedictory session on the third day of the event, Odisha Chief Minister Naveen Patnaik said the Make in Odisha Conclave 2022 had been a great success.

“I am happy to announce that the conclave has generated investment intents of Rs 10.5 trillion with an employment potential for 10,37,701 people. Let us all work hard to implement these investments on the ground and take Odisha to a new era of industry-led growth,” he said.

The conclave turned out to be a massive show of strength for Chief Minister Patnaik with the who’s who of the Indian and global industry in attendance – from Lakshmi Mittal, Anil Agarwal to Sajjan Jindal, Naveen Jindal and Karan Adani – on the first day. And they all expressed willingness to invest in the state.

At the end of the conclave, the leading investors in the third edition of the conclave turned out to be ArcelorMittal Nippon Steel India and JSW Steel.

A significant chunk of JSW’s investments would be in renewable energy (RE), including a captive RE park and solar equipment manufacturing, said Hemant Sharma, principal secretary, industries department, Odisha. AM/NS India’s projects include investment in a new steel plant in Paradip.

About 741 companies showed interest in investing in Odisha. Of the total investment received, metals, ancillary and downstream sector accounted for the largest share at Rs 5.50 trillion, followed by power, renewable energy & green energy at Rs 2.38 trillion; logistics & infrastructure received proposals adding up to Rs 1.2 trillion, chemicals, petrochemicals & plastics received Rs 76,000 crore. Other sectors that attracted investment included cement, manufacturing, IT, agriculture & food processing.

The Make in Odisha Conclave was launched in 2016 to showcase the manufacturing prowess of the state and its investment opportunities. A leading mineral producer in the country, Odisha, has traditionally been a hub for mining and metal units.

This year, the summit attracted significant investment from non-metal sectors which pushed the total investment proposals to a record Rs 10.5 trillion. “This is beyond expectation,” Sharma said.

A lot of investment interest was generated during the roadshows at 10 locations in the country in the run-up to the conclave, Sharma pointed out. “We collected many intents which were converted into MoUs,” he said, adding the strike rate should be much better than earlier.