By Bizodisha Bureau, Bhubaneswar, July 17, 2019: The Odisha government is planning to recast its Industrial Policy Resolution (IPR) last revised in 2015 keeping competition from peer states to woo new investments.

The new IPR is likely to focus to position Odisha among the top three states in ‘Ease of Doing Business. The state now stands at 11 at the latest rankings released in 2018. Though Odisha improved its score in compliance with Business Reforms Action Plan and earned the tag of ‘leader’, it lost ground to competing states in investor perception.

“We are going for a revamp of the existing IPR to accommodate new provisions keeping in view of the changing dynamics, investor perception and rising competition from other states. The new policy statement is likely to be unveiled in 2020,” a top official said requesting anonymity.

The revised IPR is expected to offer investors sops like SGST (State Goods & Services Tax) holiday and electricity duty exemption for five years. It is also expected to sweeten the subsidy on fresh capital investments by existing and prospective investors. The new policy statement is set to be valid for at least five years from the date of its promulgation.

The proposed IPR also envisages industrial parks for each of the focus sectors and creation of industrial corridors to set up small & medium enterprises across the state. For extension of credit at concessional rates to the eligible MSMEs (micro, small & medium enterprises), a suitable interest subvention scheme shall be introduced by the government.

The state government has been unveiling sector specific policies, several investor friendly apps and to top it all a definitive portal- Government of Odisha Single Window Investor Facilitation & Tracking- GOSWIFT which tracks the entire life cycle of an investment- beginning from proposal to implementation and beyond.

Over the past four years, the state has intensified its outreach efforts, staging roadshows in domestic and overseas locations. Make in Odisha, a biennial investor conclave was first held in 2016 with the state attracting Rs 2.03 trillion worth of investment intents. The second edition organised in November 2018 attracted Rs 4.19 trillion for Odisha.