Recap 2024: Odisha aims to lead India's growth story

The year 2024 has been nothing short of transformative for Odisha, marking a pivotal shift in the state’s political and economic landscape. With the BJP-led government assuming office in June, the state has witnessed a series of ambitious initiatives aimed at propelling Odisha into the global spotlight as a premier investment destination.  

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Under the leadership of Chief Minister Mohan Majhi, the government has taken proactive measures to attract investments and drive economic growth. It organised several roadshows across the country as well as abroad showcasing Odisha's potential in several sectors.

Investment roadshows: Taking Odisha to the world

In its mission to position Odisha as a hub for industrial innovation and investment, the government embarked on a series of high-profile roadshows across Singapore, Mumbai, New Delhi, and Bengaluru. These events served as platforms to showcase the state’s immense potential across various sectors, including chemicals, petrochemicals, metals, IT, and textiles.

The roadshow in Singapore was a landmark event, with over 300 delegates in attendance. Spearheaded by Chief Minister Majhi, the event featured discussions with prominent companies such as Linde, Vena Energy, CapitaLand, and Micron. This international outreach initiative underscored Odisha’s commitment to fostering global partnerships and promoting a business-friendly environment. It also set the stage for the much-anticipated Utkarsh Odisha: Make-in-Odisha Conclave 2025 in Bhubaneswar, scheduled for January 28-29 next year.

In Mumbai, New Delhi, and Bengaluru, the government’s engagements with leading industrialists and business leaders highlighted Odisha’s unique advantages, including its strategic location, abundant natural resources, and progressive policy framework. These efforts have solidified Odisha’s reputation as a preferred destination for both national and international investors.

Ambitious investment targets

The Odisha government has set an ambitious target to attract investments worth ₹5 lakh crore over the next five years. This year alone, investment proposals amounting to ₹1.8 lakh crore were approved across 73 projects, expected to generate over 1.1 lakh jobs. 

 “Through strong cooperation between the state and central governments, we have fostered a business-friendly environment that attracts investors to Odisha,” said Chief Minister Majhi. 

“Our focus is on creating an ecosystem that promotes inclusive growth, sustainability, and job creation. Utkarsh Odisha 2025 will mark the beginning of a new era, positioning Odisha as a premier investment destination,” Majhi said.

POSCO’s return: A game-changer for Odisha’s steel industry

One of the most significant developments of 2024 was the announcement of South Korean steel giant POSCO’s return to Odisha. In collaboration with India’s JSW Steel, POSCO plans to invest ₹650 billion (≈$7.73 billion) in setting up an integrated steel plant with an initial capacity of 5 million metric tons annually. This project is poised to capitalize on Odisha’s rich iron ore reserves and burgeoning steel demand.

POSCO’s return marks a dramatic turnaround after its earlier exit in 2017 due to land acquisition challenges in Dhinkia area of Jagatsinghpur district. The renewed partnership not only reinforces Odisha’s position as a leading steel producer but also reflects the state’s improved investment climate under the new government.

Adani Ports acquires Gopalpur Port

Adding to Odisha’s industrial growth story, Adani Ports and Special Economic Zone (APSEZ) acquired a 95% stake in Gopalpur Port Ltd (GPL) for ₹3,080 crore. This acquisition is expected to bolster port infrastructure and enhance Odisha’s role in regional and global trade. Adani Ports’ growing presence in Odisha, including its operations in Dhamra, underscores the state’s strategic importance on India’s eastern coast.

Controversies and challenges

Despite its remarkable achievements, 2024 has not been without controversy for the Odisha government. The Adani Group’s  involvement in Odisha’s energy sector has come under scrutiny. 

The U.S. Securities and Exchange Commission (USSEC) alleged that bribes were paid or promised to officials in Odisha and other states to secure power purchase agreements. 

The U.S. Securities and Exchange Commission (USSEC) has claimed that according to an Adani Green record, a bribe equal to hundreds of thousands of dollars was paid or promised to government officials in Odisha to cause the State to enter into a PSA with SECI for the purchase of 500 MW of power.

“Consistent with the Adani Green record, SECI announced its first PSA related to the manufacturing linked projects in July 2021, pursuant to which the Grid Corporation of Odisha agreed to buy 500 MW of power capacity from SECI,” it said.

Preparing for Utkarsh Odisha 2025

The upcoming Make-in-Odisha Conclave 2025 in Bhubaneswar is poised to be a watershed moment for the state. With a vision to attract top global businesses and secure investments across key sectors, the conclave aims to cement Odisha’s status as an industrial and innovation hub. The government’s robust preparatory efforts, combined with its focus on sustainability and inclusivity, are expected to make the event a resounding success.

The road ahead

As 2024 draws to a close, Odisha stands at the cusp of a new era. The state’s proactive efforts to attract investments, coupled with its emphasis on sustainable and inclusive growth, have set a strong foundation for the years to come. 

As the state prepares to host Utkarsh Odisha 2025, all eyes will be on Bhubaneswar in January. The conclave will not only showcase Odisha’s achievements but also set the tone for its aspirations in the coming years. With its rich resources, strategic location, and investor-friendly policies, Odisha is well on its way to carving out a niche as India’s gateway to the future.