Introduction:
Explore 10 business ideas in Odisha for 2024, From agribusiness to tech startups discover the diverse opportunities shaping the entrepreneurial land in the vibrant Indian state of Odisha.
Odisha is the tenth-largest Indian state in India. The state has Madhya Pradesh on the western frontier and Andhra Pradesh in the south with 450 km of coastline connecting to the Bay of Bengal.
Odisha is known for its rich history of bravery, courage, and lavish lifestyles and is known today for some of India’s most intricate pieces of architecture.
Beautiful Tourist places in Odisha like Konark Temple, Shri Jagannath Temple and Lingaraj Temple with Nandan Kanan Zoo are the main attractions of the state.
The Odisha state is also called the Land of God Lord Jagannath. Apart from tourism, Odisha has a booming business side too.
The state offers many choices for entrepreneurs to settle their businesses. Odisha state is famous for its heritage sites, beaches, temples, natural parks, food and culture.
Let us talk about what Odisha has to offer to business people and what are the best businesses for the new entrepreneur in the state.
The Key Insights of Odisha:
- Capital Bhubaneswar
- State Rank 8th in India by Area & 11th by Population
- Official Language Odia
- Total Population 4,19,74,218
- Odisha GDP $90.1Billion(14th State in India)
- Districts 30
- The Largest River Mahanadi
- Largest Lagoons Chilika Lake
- Odisha State Formation 1-04-1936
Why we should choose Odisha to Start a Business?
- Investor Friendly: Odisha has always been a top investment contender for Indian and foreign Investors. The state rank is high in indices like ease of Doing Business, Ease of Import & Export and Ease of Closing Business.
2. Industrial Hub:-Odisha has earned its name as an industrial and outsourcing hub providing different facilities to people around the country. The major industrial set-up in the state is related to Food processing, Textiles and Chemicals, petrochemicals and Information and technology (IT).
3. Connectivity: Odisha is well connected to the rest of India and the world through air, land, and water transport. The state has direct flights to major cities like Delhi, Mumbai, Vishakhapatnam, Kolkatta, Chennai etc. The state also has a repository of major ports -Paradep, Dhamara and Gopalpur to facilitate trade and connectivity.
4. Workforce: Odisha is known for outsourcing facilities to major IT Firms. The state has earned its name by providing services to giants like Infosys, TCS, Wipro, Tech Mahendra, Mindtree etc.
Odisha produces more than 1.2 lakh skilled workers yearly from more than 700 training institutions. The state also has the biggest educational name like IIT, AIIMS & IIM.
5. Future Ready: Odisha has seen immense growth in the past few years due to intervention by both the state and central Governments. The state's two cities-Bhubaneswar and Rourkela, have been selected for the Smart Cities program. They are poised to gather higher investments and more returns for the former Kalinga region.
10 profitable Popular business ideas in the state of Odisha.
1. Eco-Tourism Industry:
Eco-tourism in Odisha holds paramount importance as it not only showcases the state’s rich biodiversity and natural beauty but also contributes significantly to sustainable development.
Blessed with diverse landscapes, from lush forests to pristine beaches and wildlife sanctuaries, Odisha State offers a unique blend of experiences for eco-conscious travellers.
The promotion of eco-tourism in the region not only preserves fragile ecosystems but also fosters cultural exchange, providing visitors with an authentic understanding of local traditions.
The growth potential for the eco-tourism business in Odisha is immense. As global awareness of environmental conservation and responsible travel rises. There is a heavy growing market for destinations.
Odisha’s untapped natural treasures and commitment to sustainable tourism make it a potential hotspot for eco-tourism.
Odisha government initiatives and policies supporting eco-friendly practices further bolster the growth of the tourism sector in Odisha.
Similipal National Park:- This park is known for its lush greenery and diverse flora and fauna, Similipal is a UNESCO Biosphere Reserve area. It offers a unique eco-tourism experience with opportunities for wildlife safaris, nature walks and bird watching.
Bhitarkanica National Park:-This park is famous for its mangrove forests and estuarine crocodiles. Bhitarkanika is a haven for nature enthusiasts. Boat tours through the waterways provide glimpses of the rich biodiversity, including various bird species and saltwater crocodiles.
Chilika Lake:- This lake is Asia’s largest brackish water lagoon.Chilika is a Ramsar wetland site.This lake is home to migratory birds, dolphins and diverse aquatic life. Boat tours and bird-watching activities contribute to the eco-tourism appeal.
Satkosia Gorge:- It is located on the Mahanadi River, Satkosia offers a picturesque landscape and a variety of outdoor activities such as trekking, wildlife safaris and camping. There are many different types of birds and crocodiles you can found this place.
Debrigarh Wildlife Sanctuary:-Nestled in the Barapahad hills, this sanctuary is known for its scenic beauty and rich biodiversity. It provides opportunities for wildlife safaris, trekking and camping, attracting nature lovers and adventure seekers.
Kuldiha Wildlife Sanctuary:- Sanctuary The sanctuary for its pristine forests and diverse wildlife, including elephants, leopards and various bird species. Trekking trails and camping options make it an attractive destination for eco-tourism.
Niyamgiri Hills:-Rich in cultural and ecological significance, the Niyamgiri Hills offers a unique blend of tribal culture and biodiversity. The hills are home to diverse flora and fauna and trekking through the tribal villages provides a cultural eco-tourism experience.
By promoting these above destinations and implementing sustainable tourism practices, Odisha can tap into the growing market of eco-conscious travellers contributing to the overall growth of the tourism sector in the state of Odisha.
By 2028, India’s tourism and hospitality industry is projected to generate revenue of over $59 Billion. Additionally, the Foreign Tourists Arrives ( FTAs) are anticipated to reach 30.5 Million by 2028.
2. Jute Products Making Industry:
The jute product industry in Odisha thrives on a combination of abundant jute cultivation, a skilled labour force and the growing global demand for eco-friendly and sustainable materials.
Odisha’s favourable agro-climatic conditions make it conducive for jute cultivation, ensuring a steady and local supply of raw jute fibres.
The state’s strategic location also facilitates easy transportation and distribution of jute products to both domestic and international markets.
The jute products industry in Odisha encompasses various segments, including the production of jute bags, carpets, textiles and crafts.
The eco-friendly nature of jute aligns with the global shift towards sustainable practices, contributing to the industry’s profitability.
With increasing environmental consciousness, consumers are seeking alternatives to synthetic materials, driving for jute products.
Further, the state government initiatives to promote and support the jute industry, along with favourable policies have encouraged entrepreneurs and investors to establish jute manufacturing units in Odisha.
The availability of skilled labour and the establishment of modern manufacturing facilities have enhanced productivity and product quality, further bolstering the industry’s profitability.
The primary products of the jute industry include:-
- Jute Yarn and Twine: Jute fibres are spun into yarns and twines, which serve as the basic building blocks of various jute products.
2. Jute Bags and Sacks: Jute is widely used in the production of bags and sacks due to its strength and durability. These eco-friendly bags are commonly used for packaging agricultural products like grains, potatoes, sugar, rice grains and wheat grains.
3. Jute Carpets and Rugs: Jute’s natural golden shine it an attractive material for carpets and rugs. These products are often used for both decorative and functional purposes.
4. Jute Matting and Flooring: Jute matting is very popular for its insulation properties and is used for flooring in both residential and commercial spaces.
5. Jute Apparel and Fashion Accessories: Jute fibres are blended with other fibres or used in their pure form to create clothing items like shirts, dresses and accessories such as hats and bags.
6. Jute Crafts and Decorative Items: Artisans use jute to create a variety of crafts including wall hangings, lampshades and decorative items. Jute’s natural texture adds a rustic and organic touch to these products.
7. Jute Nets and Webbing: Jute nets are used in various applications including fishing, agriculture and construction.
8. Jute Paper: Jute fibres can be processed to produce paper, which is used for various applications like stationery, packaging and decorative items.
What is the demand for Jute products?
The global jute bag market size reached USD 2.8 billion. Looking forward IMARC Group expects the market to reach USD 5.9 billion by 2032. It is exhibiting a growth rate(CAGR) of 8.9% during 2024-2032.
The jute industry is a very popular and profitable industry, which you can start in the state of Odisha today.
In 2024, the revenue in the Online education market in India is projected to reach USD 6.71 Billion. It is expected to show an annual growth rate (CAGR 2024-2028) of 21.56%, resulting in a projected market volume of USD 14.65 billion by 2028.
In India, there are 1081 universities approved by the UGC( University Grant Commission).Out of this State University 460, Deemed UGC Approved University 128, Central Government University 56 with Private UGC Approved University 430.
There are 212 colleges offered in the state of Odisha. Out of which 52 are Govt—college in Odisha.
NAAC -It ensures high-quality education in the institutions improving learning methods for the students. Therefore, after knowing that NAAC certification offers so much help in upgrading the education quality in the college, every college must look at obtaining the same.
In Odisha, only Utkal University has been awarded NAAC A+ grades.
According to UGC’s Odisha analysis report of accreditation, among 1025 degree and 72 PG colleges in Odisha.NAAC has so far accredited a meagre 281 colleges.
1. Byju’s is a widely recognised online learning platform that provides interactive video lessons, study materials and personalized learning experiences. It covers a range of subjects and caters to students from primary to higher education levels.
Today the Net worth of Byju’s is Rs. 30,600 Crore by 2023.
2. Unacademy: Unacademy is a popular Indian Online learning platform offering a diverse range of courses. It provides live classes, recorded lessons and interactive sessions conducted by educators across various domains.
Today the New worth of Unacademy is US$3.44 Billion (Rs.3,44,00,01267Crore)
3.Educart:-Educart is an online education platform that offers a variety of courses, including degree programs, certification and skill development courses. It caters to learners looking for both academic and professional development.
4. Topper:- Topper is an ed-tech platform that focuses on providing personalized learning experiences for students. It covers subjects from school curriculums and offers test preparation materials for competitive exams.
5. Physic Wala:-Physics Wallah is Indi’s top online ed-tech platform that provides affordable and comprehensive learning experiences to students of classes 6 to 12 and those preparing for JEE and NEET exams. They also provide Mock tests, crash courses and other resources as well.
Online education in Odisha plays a pivotal role in addressing the educational needs of its diverse population.
With a mix of urban and rural areas online education brings quality learning resources to remote regions, overcoming geographical barriers.
The state's commitment to digital infrastructure development and initiatives like “ Digital Odisha” contribute to the growth of online education.
The growth of online education in Odisha is propelled by the increasing internet penetration, the surge in smartphone usage and government efforts to bridge the digital divide.
Institutions and ed tech platforms offering online courses are witnessing a rising enrolment indicating a shift in digital learning.
This growth is vital for Odisha’s educational landscape ensuring more inclusive and technologically adept approaches to learning, ultimately contributing to the state’s socio-economic development.
In the last five years, the country’s solar installed capacity has experienced a monumental transformation. Solar power has been increasing from 21,651 MW to 70,096 MW in 2023.
With ambitious targets and policies like the production Incentives (PLI), India is propelling itself to achieve 500 GW of renewable energy capacity by 2030.
The Electricity generation in the Solar Energy market is projected to amount to 43.01 Billion KWH in 2024. An annual growth rate of 7% is expected ( CAGR 2024-2028).
NEP 14 estimates India’s total annual electricity generation to grow by 1174TWH in the FY 2022-32 period. Annual solar and wind generation are expected to rise by 593 TWH and 189 TWH respectively, which constitute 66% of India’s power generation in these 10 years.
The India Solar Energy Market was estimated at USD 38 Billion in 2021 and is anticipated to reach around USD 238 Billion by 2030 at a CAGR of roughly 40% between 2022 and 2030.
List of Top 7 Solar Panel Manufacturers in India:-
- Saatvik Green Energy Pvt. Ltd
- 2.Adani Green Energy
- 3.Waaree Energies
- 4. Tata P owerPoweoverpowerr Solar System
- 5.Vikram Solar Power System
- 6.Loom Solar power system
- 7.Goldi Solar Power system
The importance of the solar power industry in Odisha lies in its potential to address energy needs sustainability, contribute to economic growth and mitigate environmental impact.
State Odisha, with abundant sunlight, harnessing solar power is a strategic move towards renewable energy sources. Solar power aligns global efforts to reduce carbon emissions and energy security.
Solar power projects in Odisha contribute to rural electrification, providing energy to remote areas. The decentralized nature of solar installation ensures resilience against grid failures.
The solar industry’s growth fosters job creation, from manufacturing and installation to maintenance roles, contributing to economic development.
As technology advances and costs decrease, the solar power industry in Odisha is poised for continued expansion, shaping a cleaner, more resilient and energy-efficient future for the state.
5. Handloom saree & textiles business:
Home textiles constitute over 60% of India’s total handloom exports. Carpets, rugs and mats from handlooms had a total share of 13.6% of total exports during 2020-21.
Sambalpuri lkat silk sarees are a popular variety of sarees from the eastern Indian state of Odisha.
These sarees are known for their unique weaving technique, which involves tying and dyeing the threads before weaving them into a pattern.
For men in Odisha, the usual clothes are Dhoti, Sambalpuri Kurta and Sherwani. Women often wear the Sambalpuri Saree, Khandua Saree and Berhampuri Saree. These sarees are famous for their detailed designs and traditional patterns.
Sambalpur, Berhampur, Mayurbhanja, and Nuapatna produce a striking range of tassar silk with brilliance, glaze and texture that is unmatched.
The handloom saree of Odisha and the textile business unfurls a rich cultural heritage woven into every thread. Odisha’s handloom industry has carved a niche, epitomized by the exquisite handwoven sarees that reflect the state's diverse artistry.
The traditional weaving clusters, such as Sambalpuri, Bomkai and Berhampuri, contribute to the kaleidoscope of patterns and colours that distinguish Odisha’s textiles.
Handloom clusters in Bargarh, Nuapatna Sonpur and Berahmpur of Odisha are the hubs of creativity and economic activity.
6. Exports Cashew nuts:
India is the world’s largest cashew exporter, accounting for over 15% of global exports. Cashew exports by value increased by 7% during 2021-22, rising from US$420 million in 2020-21 to US$ 452 million in 2021-22.
As per Indian cashew export data, cashew exports totalled US$134.38 million from April to August 2022.
Cashew exports amounted to over 453 million U.S. dollars from India in fiscal year 2022.
This included cashew kernels and cashew nut shell liquid. India’s main markets for this commodity included South Korea, China, Spain the United States and Belgium.
The India Cashew Market size is estimated at USD 2.40 billion in 2024 and is expected to reach USD 2.9 billion by 2029, growing at a CAGR of 3.80% during the forecast period(2024-2029). India is the major cashew-producing country globally.
In the heartland of Odisha, the cashew nuts business has taken root contributing to the state’s economic growth and agricultural diversity.
The coastal regions, particularly in the district like Ganjam and Kendrapara, have emerged as significant hubs for cashew cultivation.
In 2020-21, Odisha produced around 1,25000 tonnes of cashew nuts according to official sources. Odisha produced a 15.68% share in 2021-22. Odisha is the 3rd major producer of cashew nuts in India.
Odisha’s cashew nuts industry has witnessed steady growth, with farmers embracing cashew cultivation as a profitable venture.
The state government’s support through agricultural extension programs and financial incentives has played a pivotal role in encouraging farmers to adopt modern cultivation practices.
The cashew processing units in Odisha not only cater to domestic demands but also contribute to the export market.
Odisha’s cashew industry is not just a source of income but also a promoter of agricultural resilience and rural development.
The annual net income of a Cashew processing unit was estimated to be around Rs.39.79 Lakhs on average. Jajpur and Koraput district has turned out to be a commercial hub for cashew processing in South Odisha.
7. Cloud Kitchen-Food Delivery Business:
The cloud kitchen market size in India reached US 969.5 Million in 2023.
Looking forward, IMARC Group expects the market to reach US$2,948 Million by 2032, exhibiting a growth rate ( CAGR) of 13.2% during 2024-2032.
The top 5 Cloud Kitchens in India are as follows:
1. Rebel Foods-Net Income 11.95 Billion in Rupees in 2023.
2. Fettuccine
3. Biryani by Kilo-Net Income 300 Crore in FY 2023.
4. Sweet Truth-Net Income Rs1258 Crore in FY 2023.
5. HOI Foods-Net Income 28.3 Crore in FY 2023.
You can start easily a cloud kitchen business with 100-200 sq feet of space in tier II or tier III cities. These spaces are available for Rs.8000-Rs10,000 pm. Security deposit is around Rs 50,000 to Rs1,00,000.
The Cloud Kitchen -The Food Delivery business in Odisha has experienced exponential growth, transforming the culinary landscape and meeting the evolving demands of a digitally driven consumer base.
This innovative model involves preparing and cooking food in off-site kitchens, primarily for online orders and food delivery services.
Odisha, with its vibrant food culture, has witnessed a surge in the popularity of these virtual kitchens.
Entrepreneurs and established restaurants alike are embracing this model to reduce overhead costs associated with traditional brick-and-mortar establishments.
This has not only fueled entrepreneurship but also contributed to the economic growth of the region.
The COVID-19 pandemic has accelerated the adoption of contactless dining options, making cloud kitchens an essential component of the food industry in Odisha.
As the trend continues to gain momentum, these virtual kitchens are poised to play a pivotal role in shaping the future of the state’s culinary scene.
The average cloud kitchen profit margin is 20% -25%. However, profits from a cloud kitchen venture depend on the number of orders you process in a day.
8. Food processing Units:
India’s agricultural and processed food exports amounted to US $51 Billion in 2022-23, ranking seventh worldwide.
By 2025, India’s food processing market is expected to grow to US $ 535 Billion at a compound annual growth rate of 15.2%
The Food Processing Sector for FY 2023 was INR 28,027 Billion. By 2032 the Indian Food Processing market is estimated to reach INR 61,327.50 Billion is compounded annual growth rate of 8.8%.
Top 15 profitable food manufacturing business ideas for 2024.
1. Nuts Processing
2. Biscuits & Cookies
3. Veggies and Fruit canning
4. Fruit Juice processing
5. Energy Drink Manufacturing
6. Ready-to-eat snacks
7. Spice powder processing
8. Ice cream making
9. Tomato Catchup & Tomato Sauce
10. Peanut butter
11. Dry Fruits processing
12. Banana, Orange Onion and Tomato powder
13. Baby Cereal Food
14. Bakery Products
15. Apple Chips.
The food processing business in Odisha has witnessed substantial growth, emerging as a key sector contributing to the state‘s economic development.
The strategic location of Odisha, abundant agricultural resources and government initiatives have propelled the expansion of food processing industries in the region.
This not only aids in promoting agro-based industries but also aligns with the national goal of doubling farmers' income by ensuring fair returns for their products.
The importance of the food processing business in Odisha extends beyond economic growth. It enhances food security by creating a stable supply chain, reducing wastage and improving the shelf life of perishable goods.
9. Home Décor business:
In 2024, the revenue in the Home Décor market Segment in India amounts to US$ 1461.20 Million.
It is projected to experience an annual growth rate of 6.7%( CAGR 2024-2028), and the market volume will increase up to US 4478.30 million by 2028.
Top 10 types of Home décor are most popular in the world:-
1. Modern Interior Design Style
2. Contemporary Interior Design Style
3. Art Modern Interior Design Style
4. Mid-Century Interior Design Style
5. Minimalist Interior Design Style
6. Scandinavian Interior Design Style
7. Shabby Chic Interior Design Style
8. Electric Interior Design Style
9. Traditional Design Style
10. Contemporary architecture style
Top 5 Home Décor Brands in India: -
1. Home Center
2. Wooden Street
3. Orange Tree
4. Chumbak
5. Fabindia.
In 2024, the revenue in the Home Décor market Segments worldwide amounts to an impressive US$128.70 Billion. The market is projected to experience steady growth with an annual increase of 5.33%( CAGR 2024-28)
India has emerged as a notable player in the global export market for home décor and interior products. According to the Export Promotion Council for Handicrafts(EPCH), India’s total export of handicrafts and handlooms amounted to $3.7 Billion in 2020-2021.
Odisha’s rich cultural heritage and diverse artistic tradition have played a pivotal role in shaping the unique offerings of the local home décor businesses.
From traditional handicrafts to modern, contemporary designs the market caters to a broad spectrum of tastes. Additionally, the rise of online platforms has further facilitated accessibility and connectivity between local artisans and a wider consumer base.
The importance of the home décor business extends beyond mere aesthetics. It contributes significantly to the state economy by providing employment opportunities to skilled artisans and entrepreneurs.
Moreover, the sector fosters creativity and innovation, showcasing Odisha’s cultural identity on the global stage.
10. Liquid soap Making business:
The global liquid soap market size was valued at USD 21.18 Billion in 2022. It is projected to grow from USD 22.46 Billion to USD 35.70 Billion by 2030. It is exhibiting a CAGR of 6.84% during the forecast period.
Top products of Liquid Manufacturing Soap:
1. Body Wash Liquid Soap with different fragrances
2. Hand Wash Liquid Soap with different Fragrances
3. Dish Wash Liquid Soap with different Fragrances
4. Car Wash Liquid Soap
5. Saving Liquid Soap
6. Toilet wash Liquid Soap
In Odisha, the liquid soap-making business has emerged as a highly profitable venture, capitalizing on the increasing demand for quality and hygiene products.
The state of Odisha's now growing urbanization, coupled with a heightened awareness of personal hygiene, has created a robust market for liquid soaps.
This trend is further accentuated by the ongoing emphasis on cleanliness and sanitation, especially in the wake of global health concerns.
Odisha state's abundant natural resources, such as palm and coconut oil, provide a cost-effective raw material base for soap production. The availability of skilled labour and a supportive business environment contribute to the industry’s success.
The diverse fragrance options and skin-friendly formulations offered by local soap makers cater to the specific preferences of the regional population, fostering customer loyalty.
With favourable market and economic conditions, the liquid soap-making business in Odisha proves to be a lucrative opportunity for aspiring entrepreneurs, promising sustainable growth and profitability in the dynamic hygiene product industry.
Conclusion:
Odisha in 2024, offers a vibrant place for aspiring entrepreneurs and startup business people. From agribusiness to technology ventures, the state presents a plethora of opportunities.
The evolving economic climate and government initiatives create a conducive environment for innovative business ideas. Whether it is eco-friendly initiatives or digital startups, the diversity of options is vast in the state of Odisha.
As we navigate the dynamic business scene, it is evident that Odisha is poised for entrepreneurial growth.
With resilience, creativity and strategic planning, individuals can harness the potential of these ten popular business ideas in 2024 contributing to both personal success and the overall economic development of the state of Odisha.
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