Naveen Patnaik Showcases Odisha’s Industrial Growth from FY15-24
Odisha, one of the easternmost states of India, has been making significant strides in the industrial sector over the past decade. According to a report by ICRA, a leading credit rating agency, Odisha’s industrial Gross State Value Added (GSVA) has grown at an impressive Compound Annual Growth Rate (CAGR) of 10% between FY 2015 and FY 2024. This is the highest among all Indian states, showcasing the state’s remarkable industrial growth and potential for further expansion.
Former Chief Minister of Odisha, Naveen Patnaik, highlighted this achievement while sharing the data on social media. He emphasized the state’s remarkable industrial growth over the past decade, crediting the efforts of the government and the industry stakeholders for this success. The CAGR of 10% is a testament to Odisha’s ability to attract investments, create jobs, and drive economic growth.
Odisha’s industrial growth can be attributed to a combination of factors. One of the key drivers has been the state’s strategic location, which provides easy access to major ports and transportation networks. This has made it an attractive destination for companies looking to establish a presence in the eastern region of India. Additionally, the state government has implemented various initiatives to promote industrial growth, such as offering tax incentives, subsidies, and other benefits to entrepreneurs and investors.
Another significant factor contributing to Odisha’s industrial growth is the state’s rich natural resources, including iron ore, bauxite, and coal. These resources have attracted several mining and metallurgical companies, which have established operations in the state. The state’s power sector has also seen significant growth, with the commissioning of several thermal and hydroelectric power plants.
Odisha’s industrial growth has had a positive impact on the state’s economy, creating jobs and stimulating local economic activity. The state’s manufacturing sector, in particular, has seen significant growth, with industries such as textiles, food processing, and pharmaceuticals contributing to the state’s economic growth.
The ICRA report, which was cited by Naveen Patnaik, also highlighted the state’s improved infrastructure, which has been a major factor in its industrial growth. The state government has invested heavily in the development of infrastructure, including roads, ports, and airports, making it easier for companies to operate and expand in the state.
Odisha’s industrial growth is not limited to a single sector or region. The state has seen significant growth in various industries, including:
- Steel: Odisha is home to several steel plants, including the state-owned Rashtriya Ispat Nigam Limited (RINL) and private companies such as Tata Steel and JSW Steel.
- Mining: The state has significant mineral resources, including iron ore, bauxite, and coal, which are mined by companies such as Tata Steel, JSW Steel, and Hindalco Industries.
- Chemicals: Odisha is home to several chemical plants, including those producing fertilizers, pesticides, and other chemicals.
- Pharmaceuticals: The state has several pharmaceutical companies, including those producing generic drugs and biopharmaceuticals.
- Food Processing: Odisha has a growing food processing industry, with companies involved in the production of food products such as spices, tea, and rice.
In conclusion, Odisha’s industrial growth between FY 2015 and FY 2024 is a remarkable achievement, with the state’s industrial GSVA growing at a CAGR of 10%. This growth can be attributed to a combination of factors, including the state’s strategic location, natural resources, improved infrastructure, and government initiatives. As the state continues to attract investments and create jobs, it is poised to become a major industrial hub in India.
