Orissa a huge investment destination

BHUBANESWAR: Despite the raging issues of land acquisition and local resistance, industrialisation has gone off in a big way in the State. About 45.9 per cent of the total outstanding investments had actually gone on ground while 51 per cent of the live investment projects were past the announcement stage, an independent study by the the Associated Chambers of Commerce and Industry of India (ASSOCHAM) has revealed.  Only 3 per cent of the projects were hindered due to reasons like obstructions, land acquisition, cancellations due to market policy and obtaining environment clearances. Releasing the study “Sustaining Growth Momentum in Orissa” on Thursday, the industry body stated that the State had 574 live investment projects to the tune of Rs 11.3 lakh crore as of 2010. Registering a growth of over 19 per cent year-on-year, it had attracted 72 fresh live investments notching over Rs 1.8 lakh crore in 2010.Orissa, in fact, has notched a compounded annual growth rate (CAGR) of 8.8 per cent during the last decade surpassing its regional peers West Bengal’s 6.7 per cent, Bihar’s 7.3 per cent and Assam’s 5.3 per cent, Chairman of ASSOCHAM Regional Development Council and CMD of Radico Khaitan Group Lalit Khaitan said.Projecting a roadmap for the future, the industry body has emphasised on greater thrust on relatively unexplored areas with great potential. The study has identified marine and fisheries as a key growth sector. With such a vast coastline and sweet water resources flourishing with marine potential, the State has not been able to capitalise on the opportunities in the sector. “Marine and inland fisheries contribute only 1.1 per cent of GDP with 4.8 per cent decadal growth. Focus should be shifted to attracting investment to this lucrative sector,” Chairman of ASSOCHAM Electronics Council Anirudh Dhoot said.ASSOCHAM is set to facilitate submission of at least 50 investment proposals targeted at exploiting sectors with immense potential and employment generating capacities such as SME clusters, irrigation, IT and electronics, pharmaceutical, logistics, food processing, agro-based industries and non-conventional and renewable energy. “The proposals would be submitted to the Government during the day-long “Unfolding Investment Opportunities Conclave” here on Friday. More than 500 prospective investors are set to take part,” secretary-general DS Rawat said.