Bhubaneswar: A manufacturing conclave was organised by Associated Chambers of Commerce and Industry of India (ASSOCHAM) here, Wednesday.
Addressing the gathering, MD of Industrial Promotion and Investment Corporation of Odisha Limited (IPICOL) and Odisha Industrial Infrastructure Development Corporation (IDCO) Bhupendra Singh Poonia said Odisha is the best state in the country in cost of doing business and facilitation.
He further said, “Now we are diversifying into other sectors like apparel manufacturing and food processing; We are doing excellent in IT and food processing; The cost of labour is competitive and skilling, reskilling is one of the focus areas of our government.”
Pankaj Lochan Mohanty, Chairman of Odisha State Development Council at ASSOCHAM, highlighted Odisha’s impressive manufacturing sector, contributing 14.42 per cent to the state GDP, with a remarkable growth rate of 7.82 per cent, surpassing national averages. He noted an influx of Rs 4.74 lakh crore in investments between 2015 and 2022.
The conclave focused on discussions around ESG, smart logistics, circularity and advanced digitisation. The dialogue holds particular significance as India strives to achieve the Sustainable Development Goals (SDGs) by 2030 and Net Zero by 2070.
Arijit Basu, Chairman of ASSOCHAM Manufacturing Hub Council, Eastern Region, said the steady growth in the Gross Value Added by the manufacturing sector in India, projected to reach US $266.40 billion in 2024, with a Compound Annual Growth Rate (CAGR) of 8.21 per cent in the next five years (2024-2028). He also noted the industrial output, expected to amount to US $1,360.00 billion in 2024, with an annual production growth rate of approximately 4.7 per cent in 2023.