Bhubaneswar: The Odisha Cabinet today approved a special incentive package for transformational industrial projects proposed by the Welspun Group in Cuttack and Sambalpur districts, Chief Secretary Pradeep Kumar Jena said.
The State Cabinet has approved a special incentive package for the Weispun Group’s ambitious projects in Choudwar, Cuttack, and Nildungri, Sambalpur. These projects, with a combined investment of over Rs 6600 crores and employment potential of over 20000, are set to usher in a new era of industrial growth and job creation in the State, Shri Jena said.
Revitalizing Textile Industry and Employment in Choudwar, Cuttack The Integrated Textiles Manufacturing Unit in Choudwar, with an investment of Rs 3000 crores, is going to revive the textiles manufacturing tradition at Choudwar. This project is expected to generate over 10,000 direct jobs and an equal number of indirect jobs, significantly impacting the socio-economic fabric of the region, he said.
Similarly, the establishment of the Plastics Product Manufacturing Unit and DI Pipe Making Unit in Nildungri, Sambalpur, with an investment of over Rs 3600 crores, is set to create a large number of employment opportunities in the region, he said.
This project, being the first major initiative in the Biju Economic Corridor, is expected to further stimulate the growth of ancillary industries, creating additional job prospects for the local population.
The Cabinet has also decided to develop an Utility Corridor at Gopalpur. The Utility Corridor between Gopalpur Port and TATA Steel Industrial Park at Gopalpur to be executed through IDCO to provide logistics facilities required for existing and upcoming industries in the Gopalpur Industrial Park.
The State Cabinet today approved the project with a cost of Rs 128.88 crores excluding GST. The cost includes construction, maintenance of the project during defect liability period of 5 years and operation and maintenance period of 10 years, said the Chief Secretary.
Further, it was decided at the highest panel of the State Government to amend the Odisha MSME Development Policy, 2022 for promotion of MSMEs in the State.
Another proposal for amendment to Odisha Food Processing Policy 2022 was also approved by the Cabinet.
With these amendments, a differential amount of financial benefit can be extended to those who have availed similar incentives from the Government of India, if the state policy offers higher incentives.
Provision of reimbursement will be added which will give an entrepreneur two options i.e. exemption or reimbursement to choose from. This will help those MSMEs who do not want to delay their project waiting for exemption orders to be issued. They can rather pay the stamp duty and land conversion premium upfront to expedite their project execution and seek reimbursement later.