Special incentives for non-mineral investors

Orissa which has attracted investments worth over Rs 9 lakh crore across sectors, mostly from mineral-based industries, is open to incorporate fresh incentives in its existing Industrial Policy Resolution (IPR) to pull investors in non-metallurgical sectors.

With bulk of the investments proposed in the core manufacturing industries like steel and aluminium, the state is looking to diversify its basket by roping in investors from sectors like food processing and IT hardware.

“The state government's IPR already has a host of special incentives for investors across sectors. We are ready to include more incentives for attracting investors in the areas of food processing, IT hardware and electronics. Keeping in view the industrial progress in the state, the emphasis is on boosting growth of ancillary and downstream units,” state Chief Secretary B K Patnaik told mediapersons after a meeting held to review industrial promotion activities of Industrial Promotion & Investment Corporation of Orissa Ltd (Ipicol). T Ramachandru, industries secretary said, “The discussions mostly centred on attracting investors from non-mineral based industries like auto ancillaries and food processing. The focus should be on incentives and subsidies that can be offered and also policy interventions needed to attract such investors.”

 

The Chief Secretary has urged Ipicol to frame time limits for departments to clear investment proposals. It was decided at the meeting that the projects which need natural resources for their input need to be cleared within a month.

Ipicol has also been advised to evolve a mechanism for clearing project proposals and remove bottlenecks, if any, in the way of project development so that the investors do not face hassles.