In a testament to Odisha’s dynamic growth trajectory and its visionary leadership under Chief Minister Naveen Patnaik, the state has emerged as a hero in the realm of investments. The recent report by the Reserve Bank of India (RBI) highlights Odisha’s remarkable performance, positioning it among the top three states that collectively accounted for an impressive 42% share in new investments during the fiscal year 2022-23.
This accolade becomes even more noteworthy when considering that the total projected cost of projects during this period hit a remarkable high since 2014-15. Odisha, alongside Uttar Pradesh, Gujarat, Maharashtra, and Karnataka, emerged as a dominant player, contributing 57.2% (Rs 2,01,700 crore) to the total project cost during this fiscal year.
Uttar Pradesh, Gujarat, and Odisha, in particular, displayed exceptional growth, collectively sharing 42% of the total project cost. This marked a significant jump from the previous year’s 26.7%. Notably, Odisha’s share of 11.8% in the total investment, backed by only 12 projects, showcases the state’s prowess in attracting prominent corporations.
Chief Minister Naveen Patnaik’s visionary governance and proactive policies have cultivated an environment conducive to business growth. Odisha’s rise from a 15.9% share with merely five projects in 2014-15 to its current stature is a testament to the state’s enduring commitment to economic progress.
The report credits this achievement to a sustained increase in bank credit, augmented capacity utilization, an improved business outlook, and strategic government policies that foster investment. These factors have collectively provided a fertile ground for private corporations to embark on new capital investment ventures within the state.
Notably, about 40% of the total capital investment for the fiscal year 2022-23 is expected to be deployed in the year 2023-24, indicating a sustained momentum in Odisha’s economic growth journey.
While Odisha’s accomplishments shine brightly, the report also underscores the need for continued efforts in states like Kerala, Goa, and Assam, which lag in bank-assisted new projects. Haryana and West Bengal too, accounting for approximately 1% (Rs 2,665 crore) of the total projects, face room for growth.
Odisha’s ascendancy among the nation’s top investment destinations reflects a cohesive vision led by Chief Minister Naveen Patnaik, making the state a beacon of growth, innovation, and a model for fostering a conducive investment environment. This achievement stands as a testament to Odisha’s ongoing transformation into a thriving hub of progress and opportunity.
Prasanta Patnaik