Orissa to see Rs 100,000- cr investment next fiscal

Riding on the pro-industry image created by the Naveen Patnaik-led ministry, Orissa is seeing an array of new investments in the upcoming financial year, said a top state government official here today. The state government is already anticipating about Rs 100,000 crore fresh investments in the next fiscal.

“We will create suitable investment opportunities for all companies who are ready to come to Orissa. Investments are set increase rapidly in the next financial year. We are already in talks with various companies for projects worth Rs 100,000-crore,” said C J Venugopal, Chairman-cum-Managing Director, Industrial Promotion And Investment Corporation of Orissa Ltd (Ipicol). Majority of these investments may come in steel, aluminum, power, cement and petrochemical sectors.

“In the shipping sector also the state is buzzing with activities, the much-expected Dhamra port will start commercial operations by April this year. Similarly, Suvarnarekha has already got environmental clearance,” he said. The Rs 3,200-crore Dhamra Port is a 50:50 joint venture between Tata Steel and Larsen & Toubro (L&T).Showing concerns over the problems in land acquisitions, he said, “We have the best resettlement and rehabilitation(R&R) package in the country. Still some land acquisition problems are hindering developmental projects. We are confident enough to overcome these problems, including the problems with environment ministry.”

Recently, South Korean steel major Posco had seen protests in the state for setting up its 12 million ton steel project near Paradip in Orissa. Similarly, projects by the UK-based Vedanta is also in troubled waters after resistance from tribals and following intervention from the environment ministry. In October last year, MoEF had stayed the proposed expansion of Vedanta’s refinery by stating that it had violated provisions under section 5 of the Environment Protection Act, 1986. Giving fresh hopes to investors, the ministry had directed authorities of Vedanta to make fresh application for expansion plan.