Odisha to Revolutionise Textiles Sector with Rs.10,000 Crore Investment Target

02 April 2024: Odisha is all set to reolutionise its textile sector and boosting its economy and unlock job opportunities, the state government has unveiled a vision to attract R.10,000 crore investment in textiles sector over the next five years. Bhupendra Singh Poonia, MD of IPICOL, disclosed that a game-changing 30% reimbursement facility under the revised IPR has set the stage for this transformative journey. This lucrative incentive, disbursed annually at a 6% rate to investors, promises not just financial gains but also significant employment prospects.

With a strategic focus on diversifying textiles categories, especially in technical textiles and apparel, Odisha is primed to transition from a mere player to a key contender in the global textiles market. Notable industry giants such as Shahi, Aditya Birla, White Lotus, and Welspun Living have already committed substantial investments, propelling the state into the spotlight as a burgeoning textiles hub.

Moreover, the government’s pledge to subsidise electricity costs and cover ESIC and EPFO contributions for local workers underscores its commitment to fostering a conducive business environment. The plan to construct women’s hostels further cements Odisha’s dedication to enhancing workforce accessibility and welfare.

The promising projections for the technical textiles market in India, coupled with Odisha’s strategic initiatives, signal a bright future for the state and the nation as a whole. With a rich legacy in textiles production and a slew of progressive policies in place, Odisha is poised to emerge as a frontrunner in the global textiles landscape, driving innovation, growth, and prosperity for its people.