Table of Contents Future Economic growth of Odisha in 2022:-Mega Projects are approved for Steel & powerIndustries in Odisha. (Approved by SLSWCA). Mega projects approved for tourism development in Odisha(approved by SLSWCA).IT Policy Approved by the Cabinet of state Govt. Odisha .Share this articleFuture Economic growth of Odisha in 2022:-The Future Economic growth of Odisha in 2022 depends on industrialization of steel, power, food processing and tourism sector in 2022. Odisha has a coastline of 480 km. along with the The Bay of Bengal. The state of Odisha formed on April 1, 1936. Odisha state is very rich in Minerals & tourism places. But, in 75 years of independence, we could not achieve a better position in India. In 2022, our Govt. have approved so many projects to be set up in Odisha for growth of economic and employment opportunities in Odisha. The state government has taken several unique initiatives to ensure that hassle free and conductive the business environment is provided to investors to set up units in the state.STEEL SECTOR IN ODISHA:-The installed capacity of crude steel making in Odisha has now grown to 33MT per annum in 2020-21. It grew from 4MT in 1999-2000. It has projected to be 100 MT in 2030. Our state Odisha is the largest producer of stainless steel in the country and has more than 20% of the steel-making capacity in the country. (RSP)Rourkela steel plant is at Rourkela in the district of Sundargarh ODISHA, the first integrated steel plant in the public sector in India. It was set up by a German collaboration in 1960. Tata-steel-kalinganagar-plant-odisha is the Future economic growth of OdishaMega Projects are approved for Steel & powerIndustries in Odisha. (Approved by SLSWCA). · The Arcelor Mittal Nippon steel India Ltd has proposed to set up a 24 MTPA project at Mahakala pada in Kendrapara of Rs.50,000 Crore. JSPL’s expansion of its Anugul steel plant to 25.2 MTPA will make the company the world’s largest single-location steel plant in Odisha with an Investment of 24,652 Crore. · Bhushan steel power-Limited got approval, for the expansion from 5 MTPA to 15MTPA with an Investment of Rs. 55,000 Crore. The project will be set up in Rengali in Sambalpur district. · A proposal has been approved for the expansion of Tata Steel Limited crude steel production from 3 million tons per annum to 8 million tons per annum, hot rolled coil from 2 million tons to 7 million tons per annum, 2.2million tones per annum cold rolled products and 2 million tons of long products against the Investment of Rs.47, 599 Crore. Setup at Kalinga Nagar, Jajpur. · Rungta Mines Limited Integrated steel plant with the proposed capacity of 2.85 million tons per annum to 7.55 million tons per annum by adding the capacity of 4.7 million tons with an Investment of Rs11,001 crore. to be set up at Jharbandh in Dhenkanal District of Odisha. · The expansion of Rungta Mines Limited steel plant capacity from 0.53 million tons per annum to 3 million tone per annum at an investment of Rs.7920 crore to be set up at Karakhendra in Keonjhar District. · The proposal was also approved for (NALCO) National Aluminum Company Limited to set up 3.5 million tons per annum (MTPA) in Pottanji in Koraput district with an Investment of Rs. 732 Crores. · Odisha Govt. has approved a proposal from Konark Ispat Limited to set up a rolling mill0.6MTPA pellet plant, coal gasification unit and 10MW coal-based captive power plant in Jharsuguda, Odisha. · New project has been approved for the production of a TMT rebar mill by ASL enterprises with an investment of Rs 167 crore. · A project has been approved for manufacturing products like HR Coil, slitting, and blanking, to Khetan Viniyog Pvt. Ltd at Kalinga Nagar with an investment of Rs 50 Crore. · SLSWCA has approved to Jatia Steel Limited to set up a 2,50,000 MT TMT Rebar and 2,50,000 MT wire rod mill in Kalinga Nagar, Jajpur against an investment of Rs 125 crore. · SLSWCA has approved another downstream steel unit with Sarangi · Metal Works International Private Limited to be set up by a Driveline Torque Tubes 50,000 MT, Special coated Roll form structure of 15000 MT, Hot Dip Galvanized steel structure 25,000 MT in Kalinga Nagar, Jajpur district against the Investment of Rs.65.37 Crore. · A project has been approved to set up 100KLPD Ethnol Plant along with a 2.5MW cogeneration power plant by JRS Ventures Pvt. Ltd at Sonpur against the Investment of Rs.121 Crore. New projects of Steel Industries of Odisha’s are the future economic growth in 2022. Economic growth of Odisha, from IT, Steel, food processing & tourism sector in 2022.TOURISM SECTOR IN ODISHA: – The International tourist arrives at Odisha for the tourism purpose have shown uninterrupted growth from 25 million in 1950, to 681 million in 1980 to 438 million in 1990 it is 681 million in 2000 and has growth of tourism in Odisha. During the year (2019-2000) up to March 2000, the number of tourists arriving in the state was 1, 51, and 36,160. The revenue only generates in the year in the 18-19 revenue was 5.32 Crore,(2020-21) was Rs8.32 Crore despite COVID 19 Pandemic. odisha-tourism-investments is the future economic growth of odisha in 2022.Mega projects approved for tourism development in Odisha(approved by SLSWCA).· Odisha Govt approves the The Prachi Saravor premiere hotel will be a four star property and will be set up with investment of Rs.63.30 Crore Located at NH -16. · Proposal for the construction of Dharmashala at Puri’s Basili Sahi area at a cost of Rs.135.60 Crore. The project will be implemented under the Abahda scheme and construction work will be completed in 24 months. · Odisha Govt. will provide 9.68 acres of land at Khordha to the Ministery of culture for the construction of Paika Bidroha Memorial at Barunai foothills, the battleground of Paika Bidroha. · A proposal has been approved to set up a new 5star hotel at Gopalpur palm resort in Ganjam District. With an Investment of Rs95 Crores. · A new resort and spa at Puri district will be set up by Pushpam at Rs.67 Crore.Ascribed Engineering and construction Private Limited will set up a five-star hotel in Khordha district envisaging an investment of Rs.59.33 Crore. · Hotel Mayfair and Resorts Limited will set up golf resorts at satpada near Chilika Lake Puri to be developed by Mayfair with an Investment of Rs215 Crore. · A new 4 Star hotel to be set up by Lalchand Resorts Private Limited was set up at Trisulia with an investment of Rs.54.50Crore. · The Anew resort will be set up by Luxurio Assets with an Investment of Rs.49.80 Crore. · A resort at Tamara, Ganjam will be set up by Life Line Multi Venture PVT. Limited with an investment of Rs.49.80 Crore. · A water park has been proposed at Basantpur near Sambalpur by Aquamagic Water Amusement park with an investment of Rs.7.50 Crore. · A 5 Star Hotel by Atmosphere Core India Private Limited against an investment of Rs.184.64 Crore to be set up at Bhubaneswar, Khordha. · A five-star hotel by DN Homes Private Limited, against an investment of Rs.164.80 Crore to be set up at Bhubaneswar, Khordha. · Anew projects have been approved for set up by Eco Resorts Private Limited drive at Konark with an Investment of Rs 128 Crore. · A new Eco hotel-cum –resorts set up by the Multiventures Pvt. Limited at Konark of Rs.100 Crore. · SNM Hotels and Resorts Pvt. Ltd got approval to set up a Hotel and Resort facility in Somolo Island, district Ganjam with an Investment of Rs.80.25 Crore. Tourism industries also be the future economic growth of Odisha in2022. Odisha-tourism- is the Future economic growth of odisha in 2022.FOOD PROCESSING INDUSTRIES IN ODISHA:–Odisha’s food processing is very poor in the country. Due to inadequate harvest handling, processing and storage in fracture and non-availability of process able varieties of raw materials over a longer period are the factors which are preventing Odisha from achieving double-digit growth in the food processing industries. The National Mission on Food Processing (NMFP) from April 1 this year says that given the potential of the state and growth of food processing from 0.7 % to 10% in 2017 and 25% by 2025 is possible.Mega Projects approved for food processing industries in Odisha. Odisha Govt. has sanctioned the proposal to set up a food park to be made to improve the state food processing sector. Odisha is a leading producer of food such as rice, cereals and fruits. It is lagging behind other states such as KERALA, MAHARASTRA, WEST BENGAL & ANDHRA PRADESH. Food processing projects in Odisha are expected to reduce crop wastage during handling and transportation, improve the production and increase shelf life, and create an efficient supply chain in the state which will grow the economics of Odisha. With companies like Britannia, Parle Agro and ITC Agro already expressing an interest in setting up food processing units, the project is expected to attract investments worth USD 200 Million. Odisha will be the leading state in the implementation of the Prime Minister’s formalization of micro food processing enterprise schemes. Food processing industries also future economic growth in Odisha. Food processing industry is the future economic growth of ODISHA in 2022IT Policy Approved by the Cabinet of state Govt. Odisha .State cabinet of Odisha IT policy 2022, to transform ODISHA into a leading destination of investment for information Technology in the country. The new policy also helps the state secure a prominent position on the global map. The preferred IT outsourcing destination enhances the employment opportunity in Odisha. State Govt. has offered a specific incentive to IT parks. Greenfield IT parks will be eligible for 100% reimbursement of stamp duty/ registration fees, and conversion fees. Similarly, they will get a 30% subsidy of the fixed capital investment in building and in fracture. 1. In the IT and ESDM sector, the state Govt. has approved a data center facility offering co-location managed cloud hosting services with an Investment of Rs. 152 Crore. 2. The facility will be set up by Hyderabad-based CtrlS Datacenters Limited at Info city in the city of Bhubaneswar. 3. IT units will be entitled to get an interest subsidy of 5 per cent per annum on term loans availed from recognized financial institutions and banks subject to a maximum of Rs. 10 Crore. Per year for 5 years. The vision of the new IT Policy is transform Odisha into a leading destination of investment for Information Technology in the country and position it prominently on the global map as a preferred IT outsourcing deist nation, propelling employment opportunities and massive growth in the IT sector in Odisha. Odisha IT policy 2022, shall be in operation for 5 years from the date of its gazette notification till it is substituted by another policy. Information Technolgy is the future economic growth of Odishain 2022-DLF IT HUB IN BBSR.Conclusion: – The future economic growth of Odisha in 2022 depends on more industrialization of steel sector, IT , Food processing sector with tourism sector.. Odisha is one of the fastest growing economies in India. According to a 2014-2015, economic survey of India, Odisha’s gross state domestic product (GSDP) was expected at 8.78%. Odisha is an agricultural-based economy which is a transaction towards an industry and service-based economy. According to a recent estimate, the size of Odisha’s economy has increased by 122.27% during the last six years in terms of ( GSDP). Odisha is also one of the top FDI destinations in India. Today the GDP of Odisha is Rs.5.86 Crore (USD 73Billion) estimated in 2021-22. You May Like more Articles:-1.https://odiyadigitalworld.com/vegetables-business-in-the-state-of-odisha-its-demand-supply/2.https://odiyadigitalworld.com/commerce-career-courses-growth-after-12th-in-india-2022/3.https://odiyadigitalworld.com/what-is-the-scope-of-commerce-education-in-india/(opens in a new tab)(opens in a new tab) Share this article Post navigation Top 20 shocking facts you must know about the Movie of “The Kashmir Files”
