Odisha emerges top manufacturing destination in Q2

November 13, 2018 5:04 pm

Odisha’s investment promotion efforts over the past few years have resulted in the state emerging as a top manufacturing destination in India in Q2 of FY 2018.

In the 72nd survey of projects investment in India conducted by Projects Today magazine, Odisha has topped in fresh projects expenditure by contributing 11.68 per cent of the total fresh projects announced in the July-September period (Q2) of the current fiscal, followed by Andhra Pradesh (10.13 per cent), Karnataka (8.02 per cent), Maharashtra (7.45 per cent) and Gujarat (5.54 per cent).

Odisha attracted manufacturing investments from a variety of sectors to the tune of `35,861 crore in the second quarter of this fiscal alone. Andhra Pradesh attracted `31,104 crore, Karnataka `24,624 crore, Maharashtra `22,875 crore and Gujarat `17,020 crore in manufacturing investments.

This accolade comes to the state on the back of a survey jointly conducted by Invest India and World Bank that ranked Odisha as an “Aspiring Leader” in terms of investment promotion preparedness in July this year.

Earlier, Assocham had ranked Odisha as the No. 1 state in terms of investment implementation rate and the state is consistently ranked amongst the top three States in terms of live manufacturing investments in India.

“We are happy to note that Odisha’s investment promotion efforts over the past couple of years have resulted in the State emerging as one of the topmost destinations for manufacturing investments in the country. The domestic and foreign investors’ meets organised by the State government under the guidance of our Chief Minister have received very encouraging response,” said Sanjeev Chopra, Principal Secretary, Industries.

“The industry-friendly GO-SWIFT portal recently received the 400th investment proposal in a short span of 10 months. The latest ranking of Odisha by Projects Today is another accolade that would encourage us to strive further in our pursuit of making Odisha the manufacturing hub of eastern India,” he added.

Odisha has seen over 118 large manufacturing projects approved with employment potential of 1,28,572 in the past four years alone in the state.

The average time taken for approval of the projects is also reduced to 20 days from the date of receipt of completed project applications.