Odisha unveils IPR 2015, to attract Rs1,73,000 crore investment

Bhubaneswar: Odisha Chief Minister Mr Naveen Patnaik unveiled the new Industrial Policy Resolution (IPR-2015), with a view to attract fresh investments of Rs 1,73,000 crore (US$ 26.05 billion) in next four years and provide direct employment to about 300,000 people. The IPR-2015 aims to achieve the state government's target of increasing the share of manufacturing to 15 per cent of the gross state domestic product (GSDP). Apart from mines and minerals, the policy would help in attracting new investments in manufacturing sector and make Odisha a destination for both domestic and international investors. Some of the sectors under focus include chemicals (including petro-chemicals), IT/ITeS, plastics, electronics system design & manufacturing (ESDM), auto components ancillary, food processing, and textiles. IPR-2015 also aims at providing employment-based incentives to the prospective investors. Other incentives include grants for investments in both greenfield and brownfield infrastructure, subsidies in power tariff, training, capital investment and reimbursement of value added tax (VAT), stamp duty exemption and concessional land cost for investments in specific sectors.