Odisha Secures Investment Proposal of Rs 20,900 Crore
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Synopsis
On January 29, Odisha received a substantial investment proposal of nearly Rs 20,900 crore in various sectors during the 'Utkarsh Odisha' conclave. This initiative promises to significantly boost the state's economic growth and regional development, with major companies actively participating in this venture.
Key Takeaways
- Odisha secured an investment proposal of Rs 20,900 crore.
- Focus areas include IT/ITeS, electronics, and semiconductors.
- Key companies involved are Zoho, Kaynes Circuits, and VVDN Technologies.
- MoUs were signed to establish an AI Centre of Excellence.
- Odisha aims for a $500 billion economy by 2036.
Bhubaneswar, Jan 29 (NationPress) Odisha has received an impressive investment proposal totaling approximately Rs 20,900 crore across various sectors, including IT/ITeS, electronics, semiconductors, data centres, and other related industries on the inaugural day of the two-day 'Utkarsh Odisha' - Make in Odisha conclave-2025.
These investments are anticipated to significantly enhance the state's economic growth and promote equitable regional development.
Among the companies that have submitted substantial investment proposals are Zoho, Emmvee Photovoltaic Power, Smartsync Innovations, Kaynes Circuits India, Heterogeneous Integration Packaging Solutions, Sancode Technologies, Nextgen Hitech Energy, Vistas Global WLL, and VVDN Technologies.
On the same day, the State's Electronics and Information Technology Department signed MoUs with NASSCOM, Wadhwani Foundation, and Semiconductor Fabless Accelerator Lab (SFAL), Bengaluru.
The state government stated, "These MoUs will support Odisha's efforts to establish an AI Centre of Excellence, train government officials in emerging technologies, and ensure the effective implementation of the flagship O-Chip program."
Additionally, the Electronics and IT Department held a sectoral event featuring an inaugural session and two-panel discussions focused on themes such as 'ESDM: The Next Frontier Catalyzing Odisha's Tech Revolution' and 'Unlocking the Potential of Tier II Cities: GCCs & FinTech Opportunities'.
During the sectoral session, Odisha's Chief Minister Mohan Charan Majhi inaugurated the virtual foundation laying ceremony for SiCSem Private Ltd's upcoming project in the state.
The company is set to establish a 15-acre Silicon Carbide semiconductor power devices manufacturing and ATMP facility in Infovalley, Bhubaneswar, in its first phase.
Union Minister for Electronics and IT, and Information and Broadcasting Ashwini Vaishnaw remarked, "The success of our semiconductor mission has inspired global confidence. We have approved all five projects under the India Semiconductor Mission within 90 days. Now, the world recognizes India as a significant semiconductor hub, and Odisha, home to many talented youth, will play a crucial role in this journey."
Addressing the audience, state Electronics and IT Minister Mukesh Mahaling stated, "The Odisha government aims to transform into a $500 billion economy by 2036 and a $1.5 trillion economy by 2047. We have outlined numerous initiatives to achieve this vision, which includes establishing dedicated tech business parks in tier-2 and tier-3 cities, IT clusters, GCC parks, an integrated FinTech cluster, and a network of data centres."
Industry leaders present during the event commended the talent pool and investor-friendly environment in Odisha.
Ramesh Kannan, Managing Director of Kaynes Technology, shared, "Kaynes plans to invest in PCB and bare board manufacturing in Odisha. We are looking forward to investing Rs 1,500 crore in this sector."
