The Business Bytes
TBB BUREAU
BHUBANESWAR, FEB 28, 2024
IPICOL and IDCO Managing Director Bhupendra Singh Poonia on Wednesday extolled Odisha as a paramount state in India for fostering business and facilitating cost-effective operations. Addressing the Manufacturing Conclave organized by ASSOCHAM, Poonia underscored Odisha’s remarkable transition from being predominantly mining and metal-centric to emerging as a diversified hub encompassing sectors like apparel manufacturing and food processing.
Poonia emphasized Odisha’s burgeoning potential in information technology (IT) and food processing, attributing it to competitive labor costs and the state government’s steadfast focus on skilling and reskilling initiatives. He lauded the government’s proactive measures in offering attractive incentives across various sectors to foster industrial growth.
Chairman of Odisha State Development Council at ASSOCHAM, Pankaj Lochan Mohanty, echoed Poonia’s sentiments, highlighting Odisha’s robust manufacturing sector, which contributes a significant 14.42 percent to the state GDP. Mohanty lauded the sector’s remarkable growth rate of 7.82 percent, surpassing national averages, and noted an impressive influx of investments totaling Rs 4.74 lakh crore between 2015 and 2022.
The conclave delved into discussions centering around Environmental, Social, and Governance (ESG) practices, smart logistics, circularity, and advanced digitization, particularly pertinent as India endeavors to achieve Sustainable Development Goals (SDGs) by 2030 and Net Zero by 2070.
Arijit Basu, Chairman of ASSOCHAM Manufacturing Hub Council, Eastern Region, outlined the promising trajectory of India’s manufacturing sector, projecting a Gross Value Added of US $266.40 billion by 2024, with a Compound Annual Growth Rate (CAGR) of 8.21 percent in the next five years (2024-2028). Basu also highlighted the anticipated industrial output of US $1,360.00 billion in 2024, with an annual production growth rate of approximately 4.7 percent in 2023.
Perminder Jeet Kaur, Senior Director at ASSOCHAM, commended Odisha’s contributions to the global startup landscape, citing success stories like OYO founder Ritesh Agarwal and a Kalahandi couple collaborating with marginal farmers. Stressing the pivotal role of innovation, Kaur advocated for collaborative efforts to bolster the manufacturing ecosystem in Odisha and India.
The conclave aimed to foster strategic thinking and sustainable initiatives, with a focus on stakeholder impact and other critical areas to propel the engineering and manufacturing community amidst globalization. The shared objective is to catalyze investments and promote commendable ESG practices, smart logistics, innovation, sustainability, and inclusive growth in the ongoing industrialization process.
Furthermore, during the event, a report titled “Resurgent: Reimagining Manufacturing – Smart Approaches for the Next Phase” by ASSOCHAM was unveiled, adding an insightful perspective to the discourse on advancing manufacturing practices in India.
