Odisha calls for investment in petrochemicals manufacturing hubs

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Published: November 11, 2019 8:35:08 PM

"We have six focus sectors, including electronics manufacturing, petroleum, chemicals and petrochemicals, textiles, tourism and downstream to metal and food processing. We want to scale up the investments and make the state the petrochemicals hub," he added.

Odisha, investment, petrochemical, manufacturing hubs, economy news, Andhra Pradesh Odisha has water, land and energy in abundance and urged investors to invest in the state which has single clearance windows for ease of doing business, he said.

States on the East coast of the country including Andhra Pradesh and Odisha have called on domestic and industrial giants to invest in making them chemicals and petrochemicals manufacturing hubs. Speaking at the ‘Summit on Global Chemicals and Petrochemicals Manufacturing Hubs in India 2019’ Andhra Pradesh’s Industries, Commerce, Information Technology Minister Mekapati Goutham Rao said the state, with abundant gas and petroleum reserves can be the best bet for both domestic and international investors in the sector.

“We are taking all the necessary policy measures as well as creating an infrastructure to facilitate investors to make Andhra Pradesh the manufacturing hub of the country. We
also, want other states to support us and grow along with us,” the minister said. He further said the state wants to become a major contributor in the Prime Minister Narendra Modi government’s ambitious target of becoming a USD 5 trillion economy by 2025.

Present on the occasion, Odisha Energy, Industries and MSME Minister Dibya Shankar Mishra said the state has huge natural resources and 500 kilometers of coastline, and it wants to tap it.

“Odisha has huge natural resources and 500 kilometers of coastline, we want to cash on this. Last year we attracted an investment of Rs 2 lakh crore, of which Rs 15 lakh crore
has been grounded. Overseas investors from Singapore, China showed interest in investing in the state. Chinese companies have invested in setting up shoe manufacturing units in the state. We are targeting Rs 1 trillion investment into the state by 2025,” he added.

Odisha has water, land and energy in abundance and urged investors to invest in the state which has single clearance windows for ease of doing business, he said. “We have six focus sectors, including electronics manufacturing, petroleum, chemicals and petrochemicals, textiles, tourism and downstream to metal and food processing. We want to scale up the investments and make the state the petrochemicals hub,” he added.

Meanwhile, speaking at the event, Reliance Industries Executive Director Nikhil Meswani said there is a need to remove a few anomalies that are affecting the sector to provide a level playing field to the domestic industry. “Removal of the anomalies in this sector will be a key to a new facilitative policy regime. Several taxes such as cess, levies on power, electricity duty and tax paid on fuel, do not get a rebate in GST. We need to rebate them to provide a level playing field to the domestic industry,” he said.

Meswani further said that such a move will make sure that the high factor cost of India are addressed in a WTO compatible regime. “Our tariff structure needs to be comparable to China and the US across the board,” he added.

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