Would you like to consider the almost untapped manufacturing industry of Odisha? The state, owing to its rich resources, human capital, and government, finds prospects for young entrepreneurs. Given the state’s investment oriented policies and the rising trend of MSMEs, it creates ideal conditions for the establishment of new manufacturing businesses. In this well researched article, we are going to provide a variety of over 15 manufacturing business ideas which are in demand in Odisha in the year 2024, in order to help you arrive at the right conclusion concerning your business ambitions.
Why Choose Odisha for Your Manufacturing Business?
Odisha is the treasure house of various natural resources like minerals, agricultural products, and human resources which make it a favorable state for setting up a manufacturing unit. Also, the industrial infrastructure development of the state is supported with the policy initiatives such as Make in Odisha campaign which are advantageous to the manufacturers. In addition, located in such a way that both external and internal markets can be accessed through ports such as Paradip and Dhamra, Odisha’s location facilitates logistics for businesses.
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Therefore, this is the place to consider for your next manufacturing business venture:
- Abundance of Raw Materials And Market: Availability of raw materials such as iron ore, coal, and agricultural products, steel and others.
- Availability of Trained Manpower: There is MGNREGA which will help train more people by the government for example.
- Encouraging Government Intervention: Government of Odisha has generous subsidies, tax concessions, and assistance available for those under various MSME growth programs.
- Supporting Facilities: For the Manufacturing units, there are Industrial corridors, logistics centers and industrial parks.
Top Manufacturing Business Ideas in Odisha for 2024
1. Food Processing Unit
With Odisha’s vast agricultural base, food processing is a high-potential sector.
- Products: Packaged snacks, pickles, spices
- Investment: ₹5-20 lakhs
- Unique Selling Proposition (USP): Utilizing local agricultural produce ensures easy access to raw materials.
- Target Market: Local retailers, e-commerce platforms
- Growth Potential: With increasing demand for packaged foods, especially in urban areas, this is a lucrative business idea in Odisha.
2. Textile Manufacturing
Odisha has a strong tradition in textiles, especially handloom products. The state is also seeing a growing demand for modern garment manufacturing.
- Focus Areas: Traditional handloom, modern garments
- Investment: ₹10-30 lakhs
- Advantage: Leveraging Odisha’s rich textile heritage and skilled labor
- Market: High potential for both domestic sales and exports, especially to regions that appreciate artisanal craftsmanship.
Related Article: Best Profitable Manufacturing & Processing Business Ideas …
3. Steel Fabrication Unit
With Odisha being a leading producer of steel in India, a steel fabrication unit is a promising venture.
- Products: Construction materials, furniture
- Investment: ₹15-40 lakhs
- Benefit: Proximity to raw materials like iron ore ensures lower production costs.
- High Demand: Steel products are in high demand due to growth in the construction sector.
4. Handicraft Manufacturing
Odisha is famous for its handicrafts, including stone carvings, silver filigree, and pattachitra paintings.
- Items: Stone crafts, silver filigree, pattachitra
- Investment: ₹3-10 lakhs
- USP: Traditional craftsmanship with modern market appeal
- Market: Tourist spots, e-commerce, and export markets
5. Seafood Processing
Odisha’s coastal location makes seafood processing a viable and profitable business.
- Products: Frozen seafood, fish products
- Investment: ₹20-50 lakhs
- Advantage: Proximity to fresh seafood from coastal regions like Paradip
- Target: Export markets and urban retail chains
6. Agricultural Equipment Manufacturing
The agricultural sector in Odisha is expanding, with increased mechanization.
- Products: Small farming tools, machinery
- Investment: ₹15-35 lakhs
- Market: Local farmers, government procurement, export opportunities
Project report: Start Business Ideas in Odisha
7. Paper Products Manufacturing
With the rise of e-commerce, there is a growing demand for packaging materials and paper-based products.
- Items: Packaging materials, stationery
- Investment: ₹10-25 lakhs
- Growing Demand: The packaging industry is expanding rapidly with the growth of online shopping.
8. Plastic Product Manufacturing
Plastic products, especially eco-friendly alternatives, are gaining popularity.
- Products: Household items, packaging
- Investment: ₹15-30 lakhs
- Market: Retailers, local businesses, households
9. Chemical Products Manufacturing
Manufacturing industrial chemicals and cleaning products has high demand from various sectors like construction, pharmaceuticals, and agriculture.
- Items: Industrial chemicals, cleaning products
- Investment: ₹20-50 lakhs
- Target: Industrial clients, retailers, and e-commerce
10. Dairy Products
Dairy farming and processing are in high demand due to increasing health awareness.
- Products: Milk, cheese, butter, ghee
- Investment: ₹10-30 lakhs
- Growing Market: Health-conscious consumers in urban and rural areas alike.
11. Herbal Products Manufacturing
The demand for natural and herbal products is rising, especially in cosmetics and wellness.
- Items: Ayurvedic medicines, herbal cosmetics
- Investment: ₹8-20 lakhs
- USP: Odisha’s rich biodiversity provides access to various medicinal plants.
12. Electronics Assembly Unit
With India’s push towards self-reliance in electronics manufacturing, setting up an assembly unit in Odisha can be profitable.
- Products: LED lights, small electronics
- Investment: ₹15-40 lakhs
- Growth Sector: Digital India and Make in Odisha initiatives provide a favorable environment.
Related Article: Business Opportunities in Odisha (Orissa)
13. Bamboo Products Manufacturing
Bamboo is a sustainable and eco-friendly material, ideal for various products from furniture to decor.
- Items: Furniture, decorative items
- Investment: ₹5-15 lakhs
- Eco-Friendly: Rising demand for sustainable and biodegradable products.
14. Clay Products Manufacturing
With an increasing interest in traditional and sustainable materials, clay products are gaining popularity.
- Products: Pottery, construction materials, kitchenware
- Investment: ₹3-10 lakhs
- Traditional Market: The growing interest in organic and natural products is driving demand.
15. Wood Processing Unit
Odisha’s rich forests make wood processing a profitable business, especially with a focus on sustainable practices.
- Items: Furniture, construction materials
- Investment: ₹10-25 lakhs
- Market: Home furnishings, construction sector
Read this Market Research Report
Key Success Factors for Manufacturing Businesses in Odisha
- Deciding on a Location: Identifying a suitable industrial estate with access to raw materials and markets is a key factor towards winning.
- Monitoring of Quality: Application of strict quality control measures enhances the probability of returning customers.
- Strategic Marketing: It is possible to increase your market coverage by having effective distribution channels and e-marketing strategies.
- Technology Adoption: Adopting new methods of production and equipment leads to effectiveness and cost minimization.
- Availability of Qualified Personnel: Looking for and assisting the local people with skills training and their subsequent employment will solve the problem of qualified personnel shortage for the company.
Government Support and Schemes for Manufacturers in Odisha
Various supports and inducements are available for new as well as existing manufacturers under the Odisha MSME Development schemes and the Make in Odisha initiative. These include:
- Subsidy: For availing facilities for establishing a new manufacturing unit.
- Financial Assistance: From banks and financial institutions.
- Development of Industrial Infrastructure: Including development of industrial corridors and parks.
- Skill Enhancement: Preparing the pool of skill based welfare for manufacture of new products.
Youtube Video: Which is the Most Profitable Business in Odisha | 25 Most Demanding Profitable Business Plans.
Conclusion
The manufacturing sector in Odisha presents multiple avenues for entrepreneurs, who are ready to explore the abundant resources and developing infrastructure in the state. By choosing the right business model and performing the necessary actions like quality control, marketing or adopting the technology it is possible to set up a working manufacturing business in Odisha.
Conduct adequate market assessment and adhere to relevant policies before launching the business. With the support of the government and a conducive atmosphere for trade, this is an ideal period in which to invest in the manufacturing industry in Odisha.
