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Odisha has the potential to touch $1 trillion economy

Odisha is rich in natural resources with a huge reserve of minerals, forests, lakes, and rivers. The state’s mineral reserves include over 30 percent of India’s iron ore and 90 percent of its chromite, in addition to significant resources of coal, bauxite, nickel, and manganese.

 

Odisha Chief Minister Naveen Patnaik today released a vision report titled ‘Economic possibilities for Odisha towards a one trillion-dollar economy’, jointly prepared by JSW Group and PwC India. The report underlines, the fact on the global economy, which has grown over three times in the past three decades and is projected to grow more than double in size by 2050.

 

Odisha along with other sectors like agriculture, food processing, creative industries, MSME, and women entrepreneurship will play an important role in making Odisha a one-trillion-dollar economy, the report added. “Having huge natural resources, Odisha is on its way to achieve this objective through its investment friendly policies, infrastructure connectivity and skilled manpower,” Patnaik said, adding that the State will take a central role in driving the national growth as a manufacturing hub.

 

Describing Odisha as a ‘hidden gem of India,’ JSW Chairman Sajjan Jindal said that the regional economies will play a key role in making India a 10-trillion-dollar economy and Ranen Banerjee, Partner, PwC India, presented the key findings of the study before the Chief Minister.

 

The vision report emphasises on the unique competitive advantages of Odisha over other States and its potential to become the export hub for metal products across the world. The instructions were passed on by LN Gupta, Additional Chief Secretary, MSME, to bankers at a sub-committee meeting of the State Level Bankers’ Committee (SLBC) on MSMEs.