Odisha eyes ₹10,000 crore investment in textiles
NEW DELHI : Odisha has set an ambitious target of attracting an investment of ₹10,000 crore for its textiles sector over the next five years, with the aim to bolster the state's economy by creating more than 100,000 job opportunities. In a conversation with Mint, Bhupendra Singh Poonia, managing director, Industrial Promotion & Investment Corporation of Odisha (IPICOL), said, “The state government has approved projects in the textiles sector under the revised Industrial Policy Regulation (IPR) that offers a 30% reimbursement facility to investors in the textiles sector." Investors can expect this incentive to be disbursed in five equal annual installments, translating to a 6% reimbursement each year, starting after the commencement of commercial production.
This strategy is part of a broader push, encapsulated in the technology-focused IPR introduced in December 2022, to draw investments into a range of textiles categories, including apparel and technical textiles, across both synthetic and natural fibres. "As of now, Odisha has a negligible presence in textiles export and is working to increase its share, particularly in technical textiles and apparel, given the potential that the state has," he said.
“We have approved 26 proposals in this sector, and they are in different stages of commissioning, land allotment, design drawing, approval, etc.," Poonia said. The state, which previously had limited activity in this sector, now boasts significant investment commitments from both national and international players, said Poonia, a 2008 batch IAS officer.
Companies like Shahi, Aditya Birla, local entity White Lotus, and Welspun Living are among those who have pledged investments ranging from ₹50 crore to ₹4,000 crore. Shahi,
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