CM Majhi sets $500-billion economic goal for Odisha by 2036

THEBUSINESSBYTES BUREAU

BHUBANESWAR, NOVEMBER 25, 2025

Chief Minister Mohan Charan Majhi on Tuesday said Odisha must register a fivefold expansion of its economy over the next decade to achieve the ambitious target of becoming a $500-billion economy by 2036, emphasizing accelerated growth in infrastructure, industry, technology, and skills.

Speaking at the inauguration of the two-day *Samruddha Odisha 2036* Conclave, organised by the Utkal Chamber of Commerce & Industry Limited (UCCIL), the Chief Minister noted that Odisha’s current economy stands at around $120 billion.

“To reach $500 billion by 2036, Odisha must register accelerated growth over the next 10–11 years. The state has already attracted projects worth Rs 2 lakh crore, resulting in the foundation-laying of 84 industries and creating 1.64 lakh employment opportunities,” Majhi said.

He said the state government is actively promoting Fintech and Insurtech investments in Bhubaneswar to position the capital as a major IT hub. “Along with leading IT companies, two semiconductor industries are also coming up in the state,” he added.

The Chief Minister highlighted that the proposed Capital Region Ring Roadwill unlock large-scale expansion of the Cuttack–Bhubaneswar twin city and support the region’s transformation into a mega tech corridor. “We are working to develop Bhubaneswar into a mega tech city in the eastern region,” he said.

Majhi reiterated that the conclave complements Odisha’s broader development vision, including Utkarsh Odisha – Make in Odisha, and the Vision 2025 framework. He said the government is giving equal thrust to both large industries and MSMEs by offering policy incentives, faster project grounding, and enabling smooth operations.

Positioning Odisha as one of India’s promising industrial destinations, Majhi said the state is witnessing growing investments in port-based industries, green energy, green hydrogen, textiles and apparel, IT, chemicals, and petrochemicals.

Emphasising his government’s commitment to inclusive industrial growth, the Chief Minister said, “Our approach is equal for all kinds of investors, be it large, medium, or small. We have been constantly focusing on the development of MSMEs. From apparel and textiles to heavy machinery, more than 16 specific sectors are in our government’s focus.”

“Our government has signed MoUs worth ₹17 lakh crore. We approved more than 260 projects worth ₹5.60 lakh crore, creating employment opportunities for 3.6 lakh people. We have launched projects worth more than ₹2 lakh crore to create employment opportunities for 1.65 lakh people. To improve ease of doing business, we have reformed 18 of the 23 subjects,” he said while highlighting the scale of ongoing industrialisation.

Listing major ongoing and approved investments, he cited the Indian Oil Corporation’s Rs 80,000-crore petrochemical complex, as well as the Union government’s approval of Rs 50,000 crore for shipbuilding activities in the state.

Majhi said Odisha is also emerging as a major centre for electronics, IT, and semiconductor-related development. “The state is creating the right ecosystem for advanced technologies. Odisha will soon emerge as a major study and innovation hub in the eastern region,” he remarked.

Concluding his address, the Chief Minister said Odisha’s sustained push for commerce, industry, and technology-driven growth will pave the way for the state’s transformation into a prosperous, future-ready economy by 2036.

Speaking at the event, Industry and Skill Development Minister Sampad Chandra Swain reiterating Odisha’s economic ambitions, said: “The Government’s vision is not only to make Odisha Samruddha by 2036 but to make the state a $500 billion economy. We are working to realise the Purvoday Mission of Hon’ble Prime Minister Narendra Modi Ji. More than ₹16 lakh crore of investment intent was received during the Utkarsh Odisha Conclave. Through single-window clearance and HLCA, over 300 projects worth ₹7.6 lakh crore have been approved. In the first nine months of our government, we have launched 58 industrial projects worth over ₹2.5 lakh crore.”

Chief Secretary Manoj Ahuja called for collective confidence and coordination saying: “We must first believe that we can do it. Our people are among the best in the world. The government has eased business processes, decriminalised laws, and is studying best practices of other states to strengthen our policies. We are offering the best incentives in the logistics sector and we call for collaboration towards Odisha’s rapid industrialisation.”

Additional Chief Secretary (Industries) Hemant Sharma detailed emerging opportunities highlighting: “The motto of Vision 2036 and 2047 is ‘Make in Odisha, Make for the World.’ The state government is prioritising sunrise sectors. The Naptha Cracker project in Paradip will catalyse the entrepreneurship ecosystem. There are massive opportunities for youth in aerospace, semiconductors, IT, defence engineering, and other sectors. Of the 4,000 recognised startups, more than 1,200 are led by women entrepreneurs. We must work to increase the number of young and women entrepreneurs.”

UCCIL President Prabodh Mohanty highlighted the chamber’s expanded role in a way: “We are aligned with Odisha’s Vision 2036 and 2047. There is remarkable clarity in government decision-making. UCCIL is not just an industry chamber; we are building partnerships that strengthen the state’s growth journey. MSME development and emerging sectors like aerospace and shipping will shape Odisha’s Economic Future.”

The inaugural programme concluded with a Vote of Thanks by Dr. Brahma Mishra, the Chairman of Samruddha Odisha-2036 conclave. He said: “A major attraction of the conclave is the large-scale exhibition featuring more than 100 stalls by MSMEs, startups, industrial innovators, and emerging enterprises from across the state. The platform offers businesses significant exposure, collaboration opportunities, and access to investors and policymakers.

Over the two days, sessions will feature speakers from HAL, ABI-Showatech, Adani Ports, SIDBI, NIST, Essar, IREL, IPICOL, CTTC, and other institutions. Discussions will focus on manufacturing excellence, sunrise industries, technology adoption, skill development, and Odisha’s roadmap toward a globally competitive industrial ecosystem.