Odisha Aims to Become Key Growth Engine for India by 2047, Says CM Mohan Charan Majhi

Bhubaneswar: Odisha is set to play a pivotal role in India’s economic growth, aiming to become a key growth engine by 2047, according to Chief Minister Mohan Charan Majhi. The Chief Minister made this announcement during the inauguration of ‘Resurgent Odisha 2024’, a business conclave organized by the Utkal Chamber of Commerce and Industry Limited (UCCIL) in collaboration with the state’s MSME Department.

Majhi highlighted Odisha’s ambitious economic vision, forecasting that the state’s economy will grow to Rs 41 lakh crore by 2036, marking 100 years of the state’s formation. The Chief Minister further set the aspiration for Odisha to achieve a 1.5 trillion-dollar economy by 2047 as part of India’s long-term economic goals.

In his address, Majhi emphasized the critical role of industrialization in driving this growth, focusing on creating employment opportunities for Odisha’s youth. Although three-fourths of the population remains reliant on agriculture, he stressed the need to balance industrial expansion with the continued development of agriculture.

“Successful industrialization will alleviate concerns about employment among the youth, securing their livelihoods within the state,” Majhi said, underscoring the government’s dual focus on large-scale industries and small and medium enterprises (SMEs), including agro-based industries.

Reaffirming the state’s commitment to the ‘Purvodaya’ development initiative, the Chief Minister highlighted Odisha’s leadership role in this effort, contributing significantly to India’s progress on the national stage.

Deputy Chief Minister Kanak Vardhan Singh Deo urged industries to prioritize value addition to Odisha’s agricultural produce. He announced the government’s initiative to offer land leases at no cost to companies establishing industries in the state, aiming to position Odisha as a leading industrial hub.

Meanwhile, Industries Minister Sampad Chandra Swain shared plans for the upcoming Utkarsh Odisha Investors’ Summit, with a target of attracting Rs 2.5 lakh crore in investments by 2029. Swain also revealed plans for an FDI Park, aiming to secure USD 2 billion in Foreign Direct Investment (FDI) as part of Odisha’s strategy to boost its contribution to India’s exports and secure the third position among Indian states by 2047.

Swain emphasized the state’s focus on emerging sectors such as green hydrogen, semiconductors, and IT to drive future growth.

The conclave, which runs until September 1, has drawn participation from industry leaders and government officials, fostering discussions on Odisha’s economic future.

China’s Consul General Xu Wei also addressed the event, praising Odisha’s rapid economic growth and rich mineral resources. He highlighted the potential for stronger trade ties between India and China, noting that bilateral trade currently stands at USD 130 billion.

With these ambitious targets, Odisha is positioning itself as a central player in India’s economic transformation, driving both domestic growth and global partnerships.