Bhubaneswar, Dec 2 : Odisha is making sincere efforts to become the manufacturing hub for the petroleum and chemicals sector, state Industry minister Pratap Keshari Deb said.
Addressing a thematic session on the investment opportunities in the Chemicals, Petrochemical & Plastic sector of Odisha at the Make in Odisha conclave 2022 on Friday, Deb said the government will stick to the commitment to providing all necessary benefits under our industrial policy for this sector.
Make in Odisha Conclave 2022’, the flagship investor summit by the Odisha government along with investor promotion advisor PWC and industry partner FICCI, witnessed a thematic session on the investment opportunities in the Chemicals, Petrochemical & Plastic sector of Odisha.
Over 220 dignitaries shared the state’s vision and focus to become the manufacturing hub for Chemicals and petrochemical in India.
A S Sahney, Executive Director Petrochemicals, Indian Oil Corporation Ltd, an anchor tenant in the Petroleum Chemicals and Petrochemicals Region (PCPIR) hub said Petrochemicals demand is expected to rise exponentially and triple by 2040.
By 2025, Indian Oil,he said, is planning to commission a textile park in Bhadrak and is committed to industrial growth and overall economic development in Odisha.
Paradeep Phosphates Ltd MD & CEO Narayanan Suresh Krishnan said India is the largest consumer of fertilizers in the world and Paradip has become a crucial, global location for fertilizer production today.’
IFFCO Senior Executive Director K J Patel said Paradip is currently producing nearly 15 percent of India’s fertiliser. He disclosed that IFFCO will introduce Nano fertilizer for the first time in Odisha which is going to be a game changer in the sector.
AIPMA, President Mayur D Shah said, ‘Industrial turnover of the plastics sector is now Rs.3.5 lakh crores which are. expected to reach Rs.10 lakh crores by 2027.
He underscored the need for newer technologies, innovation & infrastructure support to attract investment in this segment in Odisha.
India Plastic Federation President Sisir Jalan said a plastic park in Balasore will facilitate players as well as states located near West Bengal and the East region. Plastic production and recycling can be a part of the circular economy of Odisha, he commented.’
The manufacturing facility of Astral Pipes Ltd at an investment of Rs.150 crores with a production capacity of 40,000 mega tones, at Ramdaspur in Cuttack, was inaugurated virtually by Steel Minister Pratap Keshari Deb
Principal Secretary, IPICOL Hemant Sharma said Odisha has immense scope for the development of plastics, chemicals and petrochemical downstream. He said Odisha having the second largest coal deposits in the country had ample scope for coal gasification units.
Taking advantage of the presence of 3 major ports in Dhamra, Paradip and Gopalpur, Odisha is fast developing its port-based investment regions, Sharma said.
The MSMEs, he further said can make a great turnover in the coming five years if they invest small amounts in the chemicals & petrochemical industry in Odisha.
The opportunities provided by the Government should be availed by all industries operating in this sector.
The Principal Secretary of IPICOL said anyone investing in this sector would be given a 20 percent capital investment subsidy which no other state can offer at this moment.
He also announced a lucrative offering for the industrialists saying that anyone who puts up a plant in any area of western Odisha can get 100 percent reimbursement in SGST till such time when they are able to clear it.
Initially, the claim period was within 5 to 7 years but now the period is extended till 10 years to 15 years.”