Odisha Business News: Top 5 Industries Booming in the State in 2021
India’s eastern state of Odisha has been on an upward trajectory in terms of its economy, specifically in the industrial sector. The state has experienced considerable growth in the last few years, so much so that it has become a high performer in India’s ease of doing business index. Odisha has implemented reforms to improve the ease of doing business, and as a result, become an investor-friendly state. In this article, we’ll dive into the top 5 industries that are booming in Odisha in 2021.
1. Steel
Odisha is well-known for its reserves of iron and steel, with an abundance of raw materials like iron ore, manganese, and chromite. As a state, it contributes significantly to India’s steel production. The state is home to major players like Tata Steel, Steel Authority of India Limited (SAIL), and Jindal Steel and Power Ltd (JSPL). In addition to that, the Odisha government has put in place several policies and frameworks to boost the steel sector. One such program includes the development of a steel cluster in Kendrapara district to provide infrastructure and facilities to steel manufacturers. Moreover, the state has recently auctioned mining licenses for iron ore, bauxite, manganese, and other minerals, and this has boosted the sector further.
2. Food Processing
The food processing industry in Odisha has seen exponential growth in the last few years. The state has excellent potential in agriculture and horticulture, making it an ideal location for food processing industries. The state’s agro-climatic conditions and abundant natural resources like fruits, vegetables, and seafood have made food processing one of the most lucrative industries in Odisha. Major food processing players like PepsiCo, Britannia Industries, and ITC have made significant investments in the state. The government has also established several food parks with a focus on technology and infrastructure. These initiatives have led to the creation of numerous job opportunities in the state. Notably, the production of seafood products like prawn and crab is also on the rise in Odisha.
3. IT and ITES
IT and IT services are among the fastest-growing industries in Odisha. The state government has introduced several schemes and initiatives to support the growth of IT companies in the state. These initiatives include providing land incentives and subsidies to IT companies. The state has a pool of talented engineering and management graduates, making it an ideal destination for IT and ITeS companies. Several major players like TCS, Infosys, Wipro, and Mindtree have set up bases in Odisha. Besides, the state’s IT policy supports IT startups and entrepreneurs, providing them with a range of benefits like funding and mentorship.
4. Tourism
Odisha has a rich cultural heritage and a diverse range of tourist attractions. From the pristine beaches of Puri to the UNESCO world heritage sites of Konark and Bhubaneswar, Odisha has something for every traveller. The state government has been actively promoting tourism through various campaigns and initiatives. Notably, Odisha is focusing on eco-tourism and adventure tourism, with tourism-related infrastructure being developed around these themes. The state is also planning to develop the famous Chilika lake as a major tourist hub.
5. Healthcare
The healthcare industry in Odisha has seen rapid progress over the years. The state government has prioritised health care in its policy frameworks, and this has led to significant growth in the sector. The government has introduced several initiatives like free health insurance for the economically weaker sections and telemedicine services to ensure that health services reach remote areas. Moreover, the state is moving towards developing medical tourism, as it has the required infrastructure and trained medical personnel to provide quality healthcare services. The healthcare industry in Odisha has significant potential, with the state providing several incentives to attract investments in the sector.
Conclusion
Odisha has grown significantly in recent years and has successfully established itself as a business-friendly state. The state’s focus on ease of doing business, along with various sector-specific policies, has boosted the industries mentioned above. Moreover, Odisha’s natural resources, abundant human capital, and cultural heritage have made it an ideal destination for investment in different sectors. The state government’s measures towards augmenting and enhancing infrastructure, providing incentives and subsidies and streamlining the regulatory framework have all contributed to the growth of the state in various industries. Any investors who are looking for the sectors highlighted in this article should consider Odisha as their destination of choice.
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