Odisha Cabinet Approves Special Incentive Package for Major New Age investments by Kalyani Group

Bhubaneswar: In a significant decision that marks the foray of Odisha into Aerospace and Defence Manufacturing Sector, the State Cabinet has approved a special incentive package for the proposed Titanium Metal & Aerospace Components Manufacturing and Integrated Advanced Specialty Steel & Automotive Components Manufacturing Complex by Kalyani Steel Limited in Gajamara, Dhenkanal. These projects, with a combined investment of over Rs 26000 crores and employment potential of over 12000, are set to usher in a new era of industrial growth and job creation in the state.

The approvals are a testament to the commitment of the Government of Odisha to foster a conducive environment for growth and innovation, particularly in the high potential sectors of aerospace, defence and automotive manufacturing.

New Age High Tech Employment Generation

The project is expected to create over 12000 jobs in the coming years. Further vendor development will lead to significant employment opportunities in the subsequent years. The jobs will primarily be in the high-end high-skill sector will open up new avenues for the youth of Odisha. The diversity of roles, from manufacturing to management, will contribute significantly to human resource development in the state.

New Skill Development Opportunities in Emerging-Tech Areas

The project has the requirement of high end-high skill jobs which shall be achieved in collaboration with local ITI’s and Polytechnics. These tie-ups for up-skilling in Auto-Components, Specialty Steel and Alloys Manufacturing Sector will boost Odisha’s Skilling Landscape and has the potential to make Odisha the Skill Capital of India for New-Age Tech.

Opportunities for MSMEs in Vendor Park

The project will bring in vendors in the areas of manufacturing and service sectors that will provide a boost to the local MSME’s and start-ups. This will further create additional employment and entrepreneurship in the region.

Entry for Odisha in new-age sectors like Automotive, Aerospace, and Defence

The Global Titanium products market and India’s share in it are expected to grow phenomenally in the coming years. Kalyani Steel Limited being a major player in the Aerospace and Defence Component Manufacturing Sector can bring Odisha into this market. This also provides Odisha with an opportunity to anchor Auto Components Manufacturing and attract OEMs in the auto sector. These projects are a testament to the Government of Odisha’s commitment to fostering sustainable industrial growth, employment generation, and skill development. The Government of Odisha is enthusiastic about this collaboration with the Kalyani Group and shall all necessary support for the fruition of these projects.