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Odisha Ranks 3rd Top-Most In Attracting Live Investments Across India: ASSOCHAM Study

12 October 2017

Soumya Ranjan Sahoo

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Bhubaneswar: A just-concluded state-specific study conducted by the apex industry body ASSOCHAM noted that Odisha is ranked third with over seven per cent share in total live investments worth over Rs 177 lakh crore attracted by different sectors from public and private sources across India as of fiscal year 17 with only Maharashtra (over 11 per cent share) and Gujarat (8.5 per cent share) ahead of it.

The study was released by ASSOCHAM president Sandeep Jajodia along with National Council on Mines & Minerals chairman T.K. Chand and secretary general D.S. Rawat at a press meet here on Thursday.

It noted that Odisha had attracted over 900 projects with live investments worth over Rs 13 lakh crore as of fiscal year 2017.

The ASSOCHAM study titled ‘Odisha-Economic Growth & Investment Performance Analysis’ also lauded the Odisha Government for its proactive approach towards consequential implementation of investment intentions.

“The rate of under-implementation of live projects has drastically declined from peak level of about 62 per cent in FY 13 to about 47 per cent in FY 17,” the ASSOCHAM study said.

Briefing media on the day, Odisha Steel & Mines Minister Prafulla Mallick said, “At different points of time discussion is held by ASSOCHAM on the development of mines and industries. Today was also such a discussion held. Odisha being a mineral-rich State, development of mining sector was discussed, growth of mineral production as well industrial growth. Whatever good things come out of today’s meeting will be put into action here in the State.”

In his media reactions, ASSOCHAM president Sandeep Jajodia said, “Mining is a highly regulated area. There is no dearth of investment or money availability. What is required is a very congenial atmosphere where all stakeholders come on the same platform to encourage mining. Mining is just the beginning of industrialization. End of the day, no mineral is consumed directly as a finished product by just mining. It’s converted into some finished goods. So once the mining is encouraged, more and more supported by the government and the local people, more industry will come. And more job creation will happen.”

“Mining is also responsible for one of the largest job creations. Today our country, one of the youngest nations in the world, because we have 50% of our population below the age of 25. We need to provide jobs for our youth. Mining, I’d say an easy way of providing skilled jobs as well as unskilled jobs, and also mining infrastructure. Indirect jobs can also be created by the truckers and logistics companies. All put together, it is a very very vibrant sector. We need to be supported continuously with the policy framework and we’ve to ensure that the environmental clearances, forest clearances come in time. If there is an issue of land acquisition, that is done in time,” the ASSOCHAM president stressed.

Nalco CMD T.K. Chand said, “Today’s conference was mainly on ‘Mining in Odisha’. This subject was discussed and came to a conclusion that there are three ace stakeholders like the State Government, people of the State and the miners. ASSOCHAM has given a platform to these stakeholders to work together.”

“First point is that the miners should try to dispel the negative perception among the people. Because, where a mine is about to be opened, it is receiving local resistance. Apart from mine, there should be industry and along with it downstream industry in a stream manner which would win the confidence of the people for their benefits as well as of the State. Besides, lots of time is being consumed over environmental and forest clearances. Hence, today’s conference is recommending a curtail in the time-consuming process,” suggested the Nalco CMD.

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Prafulla Mallick, Minister, Steel & Mines, Odisha

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Sandeep Jajodia, President, ASSOCHAM

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T.K. Chand, CMD, Nalco

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