By Bizodisha Bureau, Bhubaneswar, July 10, 2019: Mineral rich Odisha can play a crucial role to facilitate India becoming a $10 trillion economy, a report by JSW Group and PwC India said.

JSW Group chairman Sajan Jindal said that India has the potential to become $10 trillion economy, which is driven by the robust development of regional economies like Odisha.

For this, Odisha must leverage its vast mineral resources by becoming a manufacturing hub of metal and allied sectors, A Vision Report titled ‘Economic Possibilities for Odisha Towards a One Trillion Dollar Economy’ jointly commissioned by JSW Group and PwC India said.

Globally, the growth of regional economies is fuelled by the presence of mineral resources, skilled man power, connectivity and trade infrastructure, Jindal said. “To achieve one trillion economy, Odisha has to become the biggest manufacturing hub of metal and its downstream sectors,” he added.

“Odisha, not only has 35 per cent of India’s iron ore reserves, but also 92 per cent of nickel, 53 per cent of bauxite, 96 per cent of chromite and 45 percent of manganese. The state has the potential to produce 200 million tonne (mt) of steel, 15 mt of aluminium, 400 mt of iron ore and 250 mt of coal,” the report said.

Likening Odisha’s potential which China’s resource rich Hebei region which emerged as the country’s growth driver, Odisha with its proven strength in metals and downstream sectors can spur the growth of India’s GDP, the report observed.

The metals sector is projected to contribute 25 per cent to Odisha’s economy, which expected to touch a size of one trillion dollars by 2030. The Gross State Value Added (GSVA) in basic iron, steel and non-ferrous metal sectors has a potential of contributing more than $250 billion towards the targeted State Gross Domestic Product (GSDP) of one trillion dollar for the state. Odisha has the potential to ramp up its overall steel production to more than 100 million tonnes (mt) by 2031.

“This would mean that more than 40 per cent of the country’s steel production would be within Odisha. With abundant availability of mineral resources, Odisha has the potential to produce 200 mt of steel, 15 mt of aluminium, 400 mt of iron ore and 250 mt of coal in the future”, the report noted.

Besides the mineral based industries, sectors like agriculture, food processing, creative industries, MSMEs (micro, small & medium enterprises) and women entrepreneurship will propel Odisha’s economy towards the envisaged $1 trillion milestone.

Releasing the report, chief minister Naveen Patnaik said, “Odisha having huge natural resources, is on its way to achieve this objective through its investment friendly policies, infra connectivity and skilled manpower. Odisha will take a central role in driving the national growth as a manufacturing hub”.