Withdrawal of sops to IOC to impact investor sentiment in Odisha: CII

This comes at a time when the state govt has withdrawn incentives to Paradip refinery project

The standoff between state-run Indian Oil Corporation Ltd (IOC) and Odisha government over sops for Paradip refinery has taken a fresh twist now. The Confederation of Indian Industry has come out in public stating that the withdrawal of tax incentives by the state may hit investor confidence.

In a letter to Odisha chief minister Naveen Patnaik, CII president Naushad Forbes said, “Many policies to attract investments have incentives, which if not honoured at a later date may affect investor sentiment adversely.”   

This comes at a time when the state government has withdrawn incentives to the Paradip refinery project, citing