pnn & ians, Bhubaneswar, July 14: To attract new investments, both domestic and foreign, the government of Orissa has prepared a road map. The target amount is Rs1.73 lakh crore ($27 billion) by financial year 2019-20. To attract foreign direct investment (FDI), road shows will be held in several Asian and European nations, it has been decided.
To tap foreign investment in multiple sectors, including agriculture and food processing, the state government has planned to hold road shows in such countries as Germany, Britain, and Israel during November, said a senior industry department official. Road shows in Asian countries, however, will held in October. To attract FDI in the steel, aluminum, plastic and polymers and food processing sectors, shows will be held in such countries as China, Japan and Taiwan. Industry minister Devi Prasad Mishra said the government will host a global investment summit in the state capital Bhubaneswar next year to woo entrepreneurs from across the world.
A delegation, headed by industry minister Mishra and tourism minister Ashok Chandra Panda has already toured the US to get businessmen to pump in money into the IT, biotechnology, waste management and tourism sectors.
Setting to clock a gross ICT (information and communication technology) turnover of Rs4,500cr in the next four years, as per a project drawn up by the IT department, the state government is trying hard to attract global investors. The turnover is currently pegged at around Rs2,400cr.
Orissa is also banking on its mineral resources as it has about 28 per cent of India’s iron ore, 24 per cent of coal, 59 per cent of bauxite and 98 per cent of chromite.
Recently the state government approved the SEZ Policy-2015 aiming to attract investment – both overseas and domestic. It visualizes Special Economic Zones to be promoted by both the public and private sector developers individually or jointly.
Orissa however registered a significant decline in its share of total investment proposals in 2014, according to data furnished by industry body Associated Chambers of Commerce and Industry of India (ASSOCHAM). Even though several foreign companies evinced interest to invest, implementing the projects has become a difficult task for the govt.
It is clearly visible from the stalled $12 billion Posco steel making unit at Jagatsinghpur.
Opposition leaders and economic experts are keeping their fingers crossed about the success of the government’s ambitious plans to mop up investment.
