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MSME, industry to get Odisha govt bailout

The State Government is likely to announce a comprehensive package for revival of the industrial sector in Odisha which has been severely hit by the nationwide lockdown.

Published: 29th April 2020 08:09 AM  |   Last Updated: 29th April 2020 08:09 AM   |  A+A-

Odisha CM Naveen Patnaik

Odisha CM Naveen Patnaik (File Photo| EPS)

By Express News Service

BHUBANESWAR: The State Government is likely to announce a comprehensive package for revival of the industrial sector in Odisha which has been severely hit by the nationwide lockdown. As most of the industrial and MSME units had closed down following imposition of nationwide lockdown, the sector will require a bailout package for its revival. Agricultural activities, work under MGNREGA and certain construction operations have already commenced following the guidelines issued by the Ministry of Home Affairs. 

Official sources said the State Government is now examining measures required to bring the ailing industries, particularly MSMEs, back on the rails keeping in mind the safety and security of labour force.
Issues relating to revival of industries were discussed at a meeting of the inter-ministerial committee with representatives of around 17 industrial associations from different sectors through video conference last week. Another round of meeting will be held soon to discuss the measures required for revival of sick units.

Sources said the Government is planning infuse funds in industrial and infrastructure projects to generate demand within the State. Large scale investment will be made to create infrastructure like road, power distribution network and industrial parks. As part of the action plan, the State Government wants to develop new dedicated industrial parks with proper implementation of ongoing projects like PCPIR and plastics park at Paradip and steel hub in Kalinga Nagar.

Minister of State for Industries Dibya Shankar Mishra has already held discussion with Union Ministers for Railways, Heavy Industries, Chemicals and Fertilisers, Power and MSMEs requesting their cooperation and assistance for revival of industrial activities in Odisha. Meanwhile, the State Government is exploring all possibilities to mobilise resources from different  sources as the pandemic has thrown State budget haywire. Plans are afoot to borrow from the Compensatory Afforestation Fund Management Authorities (CAMPA) and cash-rich government PSUs. Odisha has over `5,500 crore in CAMPA fund. The State proposes to borrow 60 pc of the fund when required instead of going for market borrowing. 

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