BHUBANESWAR: Odisha government will soon announce the new Industrial Policy Resolution (IPR) to boost industrialisation and ease of doing business in the State, said Minister for Industries and MSME Dibya Shankar Mishra.
Addressing the Executive Committee of Utkal Chamber of Commerce and Industry (UCCI), Mishra said the government is making all-out efforts to address issues related to industrial development by making revolutionary changes in ease of doing business.
Although the State had tweaked the policy in 2015 making provisions for incentives for new units, concessional land in specific sectors, subsidies in power tariff, capital investment and reimbursement of value added tax and stamp duty exemption, an amendment was necessitated due to the changing geopolitical and business environment after the Covid-19 pandemic.
“The State has huge potential for industrial development and our government is determined to make necessary policy changes to harness these potentials. The redrafted IPR will attract more investment in manufacturing sector apart from the mines and minerals sectors,” Mishra said. Even during the pandemic, which put breaks in all activities, the Minister said, Odisha could emerge as the second most preferred investment destination in the country and it was possible due to the political stability and a very favourable ecosystem for investment in the State.
Exhorting the members of UCCI to come forward in contributing to the industrial growth of the State, Mishra said since industrial parks and clusters are being set up at various places for value addition, entrepreneurs should take advantage of it. The two aluminium parks coming up at Angul and Jharsuguda will help investors in adding value to this metal. Odisha is the leading state in terms of production of aluminium in the country, he said.
The Industry Minister allayed apprehensions of the entrepreneurs regarding land allotment by IDCO and energy security to industrial units in the State. UCCI president Bramhananda Mishra urged the Minister to address various issues plaguing the MSME sector especially due to pandemic. He said moratorium should be extended up to March 31, 2022 and NPAs caused due to pandemic should be restructured. He also requested to intervene in simplifying credit sanctions to MSMEs including Emergency Credit Line Guarantee Scheme (ECLGS). UCCI vice-president (Commerce) Ashok Sharda also spoke.