Considered as the country of large mineral deposits and well-connected areas, Odisha has turned out to be a very promising place for the investors in industries in India. The state machinery has put in place numerous measures which aim to inspire the growth of startups and the expansion of industries. In a bid to promote the economic activities that can last longer, the state of Odisha is on its way to become a business corridor for all those entrepreneurs who wish to start industries. This article explores the broad government assistance for the people willing to start industries in Odisha.
Startup Odisha: Nurturing Innovation and Entrepreneurship
The Government of Odisha has taken a first step toward IoT and AI for its projects and launched ‘Startup Odisha’ with an optimistic intent: to develop a state of the art Startup Hub in the state. This flagship programme envisages mentorship and incursion for not less than 1,000 new enterprises within a period of five years. The strategy is directed at growing innovations and advancements in the business operations, as well as creating an effective start up market support structure which is in line with the Governors vision for the state.
For more information Visit: Start an Industry in Odisha
Key Objectives of Startup Odisha:
- Build a functional comprehensive startup ecosystem.
- Promote the establishment of incubators consistent with the sectoral profile of Odisha.
- Offer skilful and practical training to the youths, and potential and existing entrepreneurs.
- Seek funding towards promotion of CSR activities focusing on startups.
Financial Incentives for Startups
In terms of taking the leap and helping entrepreneurs to start on with their new enterprises and business ventures, Startup Odisha has several financial perks as follows:
- Monthly Allowance: Reimbursing Rs. 20,000 per month for one year to recognized startups, w.e.f. 2019-2020, a higher amount of Rs. 22,000 per month for women entrepreneurs and co-founders belonging to transgender, SC/ST/SEBC/PH.
- Product Development and Marketing Assistance: Product development and marketing publicity assistance of up to Rs. 16 lakhs is available for eligible startups.
- Subsidized Incubation: Recognized startups enjoying 50% discount for incubative monthly space rental incurring up to Rs. 5,000 per month, for up to one year.
Related Article: List of 77 Business Ideas for Startup – Odisha (Orissa).
Odisha Startup Growth Fund (OSGF)
The Odisha Startup Growth Fund is a Fund-of-Funds established by the state government with the objective of facilitating venture capital investment into budding companies. The fund is integral to enhancing the startup ecosystem as it provides the essential funding, thus enabling entrepreneurs to concentrate on growing their businesses.
Incubator Support in Odisha
The establishment of new businesses is strongly dependent on the existence of incubators which the government of Odisha appreciates. Incubators which qualify are given a number of incentives:
- One – off Capital Grant: To build and furnish incubators.
- Matching Grant: To cover some costs of running the incubators.
- Performance Capital Grant: Dependent on the results achieved by the incubators.
- Reimbursement of Utility Expenses: To ease the burden of costs on running the incubators.
Project report: Start Business Ideas in Odisha
Academic Interventions to Foster Entrepreneurship
Fostering an entrepreneurial culture is the mainstay of the vision for the State of Odisha. The government has developed a range of programs for the young people and professionals with an aim of transforming them into potential entrepreneurs:
- Entrepreneurship Cells (E-Cells): These have been set up in higher learning institutions throughout the state with an aim of promoting the entrepreneurship culture in the students.
- Skill Development Programs: The State through the Odisha Skill Development Authority has been training people appropriately to the requirements of industries in the state. Hence there is a constant supply of skilled personnel for industrial development.
Infrastructure Development in Odisha
Every sector of the economy relies on infrastructure with the utmost importance, and even Odisha has achieved a lot of things in building infrastructure which can be described as world-class for the purpose of supporting industries and starting up.
- One fund which is known as a Startup Capital Infrastructure Fund: A fund with an initial corpus of Rs. 25 crore has been established with the objective of infrastructural development of hard as well as soft aspects of the ecosystem for start-ups.
- Industrial Land Channelling: In Odisha’s assistance is provided in the identification and allocation of suitable industrial land with the help of a GIS platform which aids in a great way to desk bound operations of businesses.
- Single Window Clearance System: State has launched GO SWIFT (Government of Odisha – Single Window for Investor Facilitation and Tracking) which manages a full life cycle of an investment process through an online system. It starts from the submission of the application to its approval, the system allows a seamless notarization of the system and speeds the entire process up for the entrepreneur.
Related Database on: Odisha (Orissa, India) – Business, Industrial Directory, Database, List of Companies, Small & Medium Enterprises (SME) & Industries [.xlsx, excel format] 4th edition
Sector-Specific Initiatives
The Government of Odisha has put in place various sector specific incentive schemes, thereby addressing the peculiar needs and the prospects of various sectors.
- Electronics System Design and Manufacturing (ESDM): Odisha is looking forward to be the ESDM hub by establishing the necessary infrastructure and providing other incentives to help the investors.
- Mineral-Based Industries: Odisha as a resource-rich state offers an enabling environment to industries engaged in steel, aluminum and petrochemicals.
Networking and Ecosystem Development
Any new venture ecosystem can be called vibrant only if networking is promoted in it. In this regard, it is noticeable that the government through the Startup Odisha organizes a lot of networking and knowledge sharing events such as:
- Boot Camps: Research and product development programmes.
- Mentorship Workshops: Experts from different fields address budding entrepreneurs.
- Investment Facilitation Workshops: In a bid to make the startups investment ready.
- Startup Conclaves: Where investors, entrepreneurs and policy makers collaborate.
Skill Development in Odisha: The Role of OSDA
The Odisha Skill Development Authority aims to create a skill development system that is responsive to the needs of different sectors within the economy. OSDA customizes its initiatives to supply skilled workers to various industries. These efforts are designed to support the long-term recovery of industries in Odisha. The Authority achieves its mission by concentrating on targeted skill development. OSDA emphasizes not only technical skills but also the development of soft skills. The initiatives take into account the trends of both current and emerging industries.
The Future of Odisha’s Startup Ecosystem
Odisha has built a solid foundation for entrepreneurship and industrial growth. The government’s proactive approach and supportive policies are key drivers of industrial expansion. Development of inclusive infrastructure enhances the entrepreneurial landscape of the state. A focus on human resource development further boosts Odisha’s industrial capabilities. The Startup Odisha initiative encourages innovation and fosters business growth. Tailored policies and incentives are in place to promote industrial development in the region.
Odisha is steadily progressing towards becoming a fully industrialized state. Investors can find a variety of support options for their business endeavors. Financial resources and academic partnerships position Odisha as an appealing investment destination. The state provides comprehensive assistance for both new and established businesses.
Youtube Video: Investment Opportunities in Odisha (Orissa).
Conclusion
The Government of Odisha views entrepreneurs and industries as essential components of its economy. The state offers a robust framework to foster economic development and growth. Various financial schemes, infrastructure support, and skill training programs are accessible to industries. Additionally, Odisha hosts events aimed at promoting industrial development and growth. Entrepreneurs in the region have significant opportunities to succeed and flourish.
The resources available in Odisha empower entrepreneurs to achieve their aspirations. The state is committed to contributing to the nation’s industrial progress. Odisha actively promotes innovation and entrepreneurship to support local start-ups. The focus is on expanding into both national and international markets. Odisha cultivates entrepreneurship to create appealing opportunities for industries.