Odisha to hold investors' meet in January, eyes Rs 2.5 trn by 2029

Odisha Chief Minister Mohan Charan Majhi has unveiled the logo for the upcoming ‘UTKARSH ODISHA – Make in Odisha Conclave 2025’ and outlined his government’s focus on improving infrastructure and creating a business-friendly environment.

The Utkarsh Odisha summit, formerly known as Make in Odisha, will be held on January 28-29. This will be the fourth edition of the state’s flagship global investors' summit and the first under the Bharatiya Janata Party (BJP) government.

In his first Budget presented in July, Majhi, who is also the state finance minister, announced his government’s plan to attract domestic investment of Rs 2.5 trillion and foreign direct investments (FDI) of over $2 billion by 2029, keeping in line with the BJP’s election manifesto. 

 

According to a recent release, the state Cabinet has approved investment proposals worth Rs 44,682 crore, achieving 90 per cent of the annual target. These investments are expected to generate 36,462 jobs.

“This conclave will be much more than an event; it will serve as a platform for action, where discussions will be transformed into partnerships and progress,” the chief minister said.

The government plans to develop micro, small, and medium enterprise parks in each district, set up a FDI Park, multimodal logistics parks, and new industrial corridors.

These initiatives, Majhi said, were recognised as foundational steps towards realising Odisha’s long-term goal of becoming a leader in India’s industrial landscape.

At the last biennial conclave in November-December 2022, the previous Naveen Patnaik-led government received investment proposals worth Rs 10.5 trillion, with the potential to generate over 1 million jobs across sectors from 741 companies.

At an event marking his government’s first 100 days in office earlier this month, Majhi reaffirmed the party’s manifesto commitment to transforming Odisha into a developed state by 2036, in line with the Centre’s Viksit Bharat goal for 2047.

During a NITI Aayog meeting in July, the chief minister sought the Centre’s support in establishing Odisha as a semiconductor hub, citing the state’s pool of tech professionals, startup ecosystem, and semiconductor policy. Earlier this month, he laid the foundation stone for India’s first silicon carbide manufacturing facility near Bhubaneswar, a project by RIR Power Electronics focused on semiconductor power electronics technology.

According to the Odisha Economic Survey report for 2023-24 tabled in the Assembly in July, the state’s economy is estimated to grow at 8.5 per cent in 2023-24 in comparison to 7.9 per cent in 2022-23, surpassing the national growth rate of 7 per cent.

The report said the size of Odisha’s economy was estimated to be at Rs 8.3 trillion, or around $100.6 billion, in 2023-24, majorly driven by the mining sector and strong manufacturing.