Odisha Attracts Major Investments; Among Top 3 States For Bank-Assisted Projects

Bhubaneswar: Odisha emerged as one of the top five states driving bank-assisted investments in 2022-23, according to a recent report by the Reserve Bank of India (RBI). The state’s share of the total investment stood at 11.8%, behind only Uttar Pradesh (16.2%) and Gujarat (14%).

The total project cost for the proposed ventures reached its highest point since 2014-15, with five states – Uttar Pradesh, Gujarat, Odisha, Maharashtra, and Karnataka – contributing to 57.2% of the total project cost, which amounted to Rs 2,01,700 crore.

The number of projects receiving bank assistance also saw a significant increase, from 401 in 2021-22 to 547 in 2022-23. This was attributed to a number of factors, including a sustained upswing in bank credit, enhanced capacity utilization, positive business sentiments, and supportive government policies.

Odisha’s share of the total investment is particularly noteworthy given that the state had only 12 projects during the year. This suggests that the state is becoming increasingly attractive to major corporations.

The RBI study also found that about 40% of the total capital investment for 2022-23 is anticipated to be spent in the following year, 2023-24.