Odisha one of the best state in cost of doing business and facilitation: MD IPICOL

Bhubaneswar, February 28, 2024:MD of IPICOL and IDCO Bhupendra Singh Poonia highlights Odisha as the best state in the nation in cost of doing business and facilitation.

While speaking at the Manufacturing conclave organised by ASSOCHAM in Bhubaneswar Wednesday, he stated that Odisha is historically thought of as a mining and metal-based business state. Now we’re diversifying to different sectors like attire manufacturing, meals processing, and so forth. We are doing glorious in IT and meals processing. The cost of labour is aggressive and skilling, and reskilling is one of the focus areas of our authorities. We additionally give fantastic incentives to industries throughout sectors.”

Pankaj Lochan Mohanty, Chairman of Odisha State Development Council at ASSOCHAM, highlighted Odisha’s spectacular manufacturing sector, contributing 14.42% to the state GDP, with a outstanding development fee of 7.82%, surpassing nationwide averages. He famous an inflow of INR 4.74 lakh crore in investments between 2015 and 2022.

The conclave was specializing in discussions round ESG, sensible logistics, circularity, and superior digitization. The dialogue holds explicit significance as India strives to attain the Sustainable Development Goals (SDGs) by 2030 and Net Zero by 2070.

Arijit Basu, Chairman of ASSOCHAM Manufacturing Hub Council, Eastern Region, highlighted the regular development in the Gross Value Added by the manufacturing sector in India, projected to succeed in US $266.40 billion in 2024, with a Compound Annual Growth Rate (CAGR) of 8.21% in the subsequent 5 years (2024-2028). He additionally famous the industrial output, anticipated to quantity to US $1,360.00 billion in 2024, with an annual manufacturing development fee of roughly 4.7% in 2023.

Addressing the gathering, Ms. Perminder Jeet Kaur, Senior Director at ASSOCHAM, remarked, “Odisha has given the world some startup leaders who’ve revolutionized business practices. From Ritesh of OYO disrupting the lodge business to the Kalahandi couple working with marginal farmers, now we have differentiators amongst us.” Emphasizing the significance of innovation, she invited all members to collaborate and strengthen the manufacturing ecosystem in Odisha and India.

The conclave delved into strategic pondering, sustainable initiatives, stakeholder impression, and different essential areas, aiming to propel a imaginative and prescient for advancing the engineering and manufacturing neighborhood in the context of globalization. The shared goal is to catalyze investments and promote commendable ESG practices, sensible logistics, innovation, sustainability, and inclusive development in the ongoing industrialization course of.

On this event, a report by ASSOCHAM-Resurgent; Reimagining manufacturing sensible approaches for the subsequent part reviews was launched.

Other dignitaries current at the occasion have been Dr. Pradipta Mohanty, Chairman, SNM Group; Mr Sanjeet Kumar, Executive Director, Resurgent India Limited; Mr. Suresha G Executive Director, ArcelorMittal Nippon Steel India; Mr. Himanshu Priyadarshi, Vice President and Chief Public Affairs, Communications, Sustainability Officer Hindustan Coca Cola Beverages additionally spoke.