THEBUSINESSBYTES BUREAU

NEW DELHI/BHUBANESWAR, FEBRUARY 1, 2026

Presenting the Union Budget 2026–27, Finance Minister Nirmala Sitharaman unveiled a slate of forward-looking initiatives that place Odisha firmly at the centre of India’s long-term growth strategy, leveraging the state’s mineral wealth, waterways potential and rich biodiversity to drive sustainable and inclusive development.

Highlighting inland waterways as a critical pillar of green logistics, the Finance Minister announced that 20 new national waterways will be operationalised over the next five years, beginning with National Waterway-5 in Odisha. This strategic corridor will link mineral hubs such as Talcher and Angul with major industrial clusters including Kalinganagar, while providing seamless access to key ports at Paradeep and Dhamra. The project is expected to significantly enhance logistics efficiency, reduce carbon emissions and catalyse industrial expansion across eastern India.

The Budget also delivered a boost to eco-tourism, with Sitharaman announcing the development of turtle trails along Odisha’s globally renowned olive ridley nesting sites. These trails will come up at iconic rookeries such as Gahirmatha Beach and the Rushikulya River mouth, offering safe and regulated turtle-viewing experiences. The initiative aims to protect fragile coastal ecosystems while creating sustainable livelihood opportunities for local communities.

Strengthening Odisha’s role in India’s high-technology ambitions, the Finance Minister confirmed that following the rare-earth permanent magnet scheme launched in 2025, the Centre will extend support for dedicated rare-earth corridors in mineral-rich states, including Odisha. The move is expected to secure a robust raw material pipeline critical for semiconductor manufacturing and other advanced industries, reducing import dependence and enhancing supply-chain resilience.

Collectively, these measures position Odisha as a multi-dimensional growth hub, spanning green logistics, mineral-based industrial development and eco-tourism, while aligning economic expansion with environmental stewardship.

Welcoming the Union Budget, Odisha Chief Minister Mohan Charan Majhi described the announcements as transformative for the state’s economic future. In a post on X, he noted that the proposal for rare-earth corridors builds on the 2025 permanent magnet scheme and will unlock new opportunities for Odisha’s mineral sector. Majhi said the central support would accelerate industrial growth, boost employment and reinforce the state’s vision of sustainable development.

The Chief Minister further underlined that Odisha’s vast mineral resources, backed by national policy support, will help attract significant investments in semiconductor and technology-driven industries, positioning the state as a key contributor to India’s advanced manufacturing ecosystem.