Odisha among Top Three States in India In Attracting Investment Proposals: RBI Report

Bhubaneswar: In what could be attributed to the successful outcome of the implementation of the 5T Initiatives of governance, Odisha has been placed among the top three states in the country in attracting investment proposals during the 2022-23 financial year.

According to the recent report of the Reserve Bank of India, bank-assisted investment proposals in Odisha have surged significantly. The recent study by the Reserve Bank of India shows that Odisha has found place in the top three states in India in terms of attracting investment proposals. The five states that top in attracting bank assisted investment proposals include Uttar Pradesh, Gujarat, Odisha, Maharashtra, and Karnataka.

While Uttar Pradesh attracted highest share of 16.2 percent (Rs 43,180 crore) proposals of the country, Gujarat attracted 14 percent proposals amounting to Rs Rs 37,317 crore. The share of Odisha in investment proposals stood at 11.8 percent with the state attracting Rs 11810 Crore. Maharashtra and Karnataka attracted 7.9 percent and 7.3 percent of the proposals respectively.

The Reserve Bank of India study also shows that the new investments in these states are due to a number of factors including inclination towards improving the ease of doing business, large and growing markets and their strategic location.The report also said that despite the rise in interest rates in the banking system during the year, investment plans increased by an impressive 79.50 percent amounting to a record capital outlay of Rs 352,624 crore.

The implementation of various reformative initiative through the 5T Charter and Odisha’s pro investor friendly governance system are said to be the main drivers of investment to the state. The Government of Odisha led by Chief Minister Naveen Patnaik has been wooing investments by attractive policies and improving its ease of doing aspects. The Make in Odisha Conclave attracted a large number of investors from diverse fields who were interested to investment into the state. Chief Minister Naveen Patnaik also led a number of international Investors’ meets and held discussions with industrial houses and investors who have started investing in the state. Odisha has been attracting investments into the state through its growth oriented polices and developed infrastructure.