Odisha Unveils Ambitious $1.5 Trillion Economy Vision by 2047: CM Majhi at Resurgent Odisha 2024

Odisha Chief Minister Shri Mohan Charan Majhi set a bold vision for the state’s future, unveiling an ambitious plan to transform Odisha into a $1.5 trillion economy by 2047. Speaking at the inauguration of the Resurgent Odisha 2024 global trade show, Majhi emphasized Odisha’s pivotal role in India’s development, positioning the state as a key driver of economic growth. 

Resurgent Odisha 2024: A Landmark Event 

Resurgent Odisha 2024, held from August 30 to September 1, 2024, at Janata Maidan, is a landmark event organized by the Utkal Chamber of Commerce and Industry Limited (UCCIL). The UCCIL, established in 1964 under the visionary leadership of Late Sri Biju Patnaik, represents the core sectors of Industry, Trade, and Services, encompassing enterprises of all sizes. With around 1,000 active members, UCCIL has played a crucial role in shaping Odisha’s economic landscape over the past six decades. 

Odisha’s Economic Aspirations 

During his address, CM Majhi outlined a roadmap for Odisha’s economic future, projecting the state’s economy to reach ₹41 lakh crore by 2036, coinciding with the state’s centenary celebrations. “Our commitment to industrialization, balanced with agricultural growth, will be the cornerstone of Odisha’s journey to becoming a $1.5 trillion economy by 2047,” Majhi stated. He reaffirmed Odisha’s dedication to Prime Minister Narendra Modi’s Purvodaya initiative, which aims to drive development in India’s eastern region. 

Strategic Focus on Industrialization 

Deputy Chief Minister Shri Kanak Vardhan Singh Deo echoed the Chief Minister’s vision, emphasizing the need for value addition within the state, particularly in agriculture and allied sectors. Singh Deo proposed innovative measures, such as offering land leases at no cost, to attract industries and accelerate Odisha’s industrial growth. “We must focus on ancillary and downstream industries to fully leverage our natural resources and reduce dependency on imports,” he stated. 

Future Goals and Investment Plans 

Odisha’s Industries Minister Shri Sampad Chandra Swain highlighted the state’s ambitious targets, including securing ₹2.5 lakh crore in investments by 2029. He also announced the establishment of an FDI Park, targeting $2 billion in Foreign Direct Investment, and plans for the Utkarsh Odisha Investors Summit. These initiatives aim to position Odisha as a leading hub for emerging sectors like green hydrogen, semiconductors, and IT. 

Global and National Participation 

The event saw participation from international and national dignitaries, including Chinese Consul General in Kolkata, Xu Wei. Wei praised Odisha’s rapid growth and stressed the importance of strengthening trade ties between China and India, noting the current bilateral trade stands at $130 billion. UCCIL President Brahma Mishra announced that a white paper based on the findings from the event’s workshops and seminars would be submitted to the state government for consideration. 

Key Discussions and Panels 

The three-day conference features several panel discussions on Odisha’s investment potential, innovation risks and rewards, the state’s prospects in the defense sector, and opportunities in logistics, transportation, and new-generation industries. The event serves as a platform for industry leaders, policymakers, and international delegates to explore and discuss Odisha’s growth prospects. 

Prominent Sponsors and Industry Leaders 

Major sponsors, including Welspun World, Thriveni, Vedanta, Falcon, Aditya Birla, and L&T, among others, played a significant role in making Resurgent Odisha 2024 a success. Welspun Group President Mr. Chintan Thacker, addressed the media alongside, highlighting Welspun’s commitment to Odisha’s development. 

The event also featured notable industry figures like Welspun Group President Mr. Chintan Thacker, Pankaj Mohanty, Owner of MG Mines, and other leading personalities from various sectors. The participation of organizations like CII, FICCI, ICC, and ASSOCHAM India as event partners further underscored the significance of Resurgent Odisha 2024. 

Conclusion 

Resurgent Odisha 2024 marks a pivotal moment in the state’s economic journey, with Chief Minister Mohan Charan Majhi’s visionary roadmap setting the stage for Odisha to become a $1.5 trillion economy by 2047. The event has not only highlighted Odisha’s potential but also reinforced its position as a key player in India’s economic future. 

Stay tuned to AMFNEWS for continuous updates on Odisha’s dynamic growth and the latest developments from Resurgent Odisha 2024.