Are you someone who dreams of establishing a business project of his own in a business-oriented Odisha but with a low investment. Odisha and especially its urban centers due to its location, availability of numerous resources and establishing industrial infrastructure is a suitable haven for a small scale setting up of a manufacturing business. It is possible in the year 2024 to start a manufacturing unit in Odisha with less than ₹10 lakhs and it can even prove to be a very profitable venture if pursued in the right way. This also focuses on the best manufacturing business which is of low investment but high returns and expansion possibilities.
Why Odisha Is Ideal for Small-Scale Manufacturing Businesses
The combination of all these factors creates an ideal setting for a manufacturing business. The state government under the Make In Odisha campaign has been incentivizing people to manufacture locally, provide subsidies and create a conducive environment for doing business. Thanks to plentiful bamboo, coconut, spices, and seafood among other materials, businesses are able to cut costs on production inputs sourcing as they are readily and easily available without a long distance hauling.
For more information Visit: Start an Industry in Odisha
Key Advantages of Manufacturing in Odisha:
- Resource Availability: Further, there is an adequate supply of raw materials that include bamboo, seafood, coconut, and textiles.
- Government Support: Subsidies and financial assistance is also offered in accordance with Odisha’s MSME policy and the central schemes.
- Growing Market Demand: There is growing demand both domestic and international for processed foods, textiles, and eco-friendly products.
- Skilful Worker Availability: Traditional skills and craftsmanship provide an edge to the business particularly in handloom textiles and in the manufacture of bamboo products.
Now, let us proceed with some of the manufacturing business ideas in Odisha which are under ₹10 lakhs.
1. Spice Processing and Packaging Unit
Investment Range: ₹5-7 lakhs
Trending Keyword: #SpiceProcessingOdisha
The land and climate of Odisha are suitable for growing many spices such as turmeric, black pepper, ginger, which are quite important to the local and the foreign markets too. Spices are available all year and therefore starting a spice processing and packaging unit requires a low initial investment but gives high returns. With a simple arrangement comprising of a few grinders, packaging machines, and the needed raw materials, it is possible to start processing these high value spices and selling them to local markets, wholesalists, or even overseas.
Key Benefits:
- Profit Margins: 30-40%
- Market Demand: Year-round demand from households, restaurants, and export markets.
- Scalability: Start small and expand to higher-value products like spice blends or organic spices.
Related Article: Best Business Opportunities in Odisha (Orissa …
2. Bamboo Product Manufacturing
Investment Range: ₹3-5 lakhs
Trending Keyword: #BambooManufacturingOdisha
There is a sufficient amount of bamboo in Odisha enhancing capability in bamboo based product production. There has been a shift in consumer behavior towards more natural products across the world making this line of business even more favorable to the entrepreneurs seeking expansion. You can make different types of bamboo products like furniture and furnishing items, baskets, household items, building materials like bamboo panels and flooring, and many more.
Popular Products to Manufacture:
- Bamboo furniture (chairs, tables, racks)
- Handicrafts and Home Decor Items
- Bamboo baskets and Kitchenware
- Building items made of Bamboo
Key Advantages:
- Eco-Friendly Appeal: Sustainable Products are in demand today all over the world.
- Cost-Effective: Readily available materials supplies tend to lower the cost of production.
- Government Support: Subsidies and Financial support for products promoting green initiatives provided under #StartupOdisha.
3. Handloom Textile Manufacturing
Investment Range: ₹7-9 lakhs
Trending Keyword: #HandloomOdisha
Odisha has a rich textile heritage and has a wide range of various handlooms and especially Sambalpuri sarees which offers scope for developing small scale textile units. There is high demand for handloom goods such as handicrafts, sarees with textiles, and contemporary fusion wear within the regional and export market. It is possible to enter the industry with small funding for weaving looms, raw materials, hire of labor and more.
Related Article: Business Ideas for Startups
Products You Can Offer:
- Sambalpuri sarees
- Westernized Indian attires
- Textiles and fabrics for home furnishing, living or office spaces (including curtains, beddings, and other fabric covers for cushioned furniture)
Key Features:
- Growing Market: Handloom products have a growing market in urban and international settings.
- Government Incentives: Odisha’s MSME policy promotes handloom industries with subsidies.
- Employment: Provides employment to local artisans and weavers.
4. Seafood Processing Unit
Investment Range: ₹8-10 lakhs
Trending Keyword: #SeafoodProcessingOdisha
With a long coastline, Odisha makes it easier for entrepreneurs in the seafood processing business that is enhanced by the growing trend of consumption of prepared seafood both locally and globally. The initial process involves tasks unit, cleaning, packaging, and freezing of fishes, prawns, crabs or any other seafood products. These include supply to restaurants and chain supermarkets as well as export markets.
Project report: Start Business Ideas in Odisha
Key Benefits:
- Foreign Trade Opportunities: There is a huge supply of Indian fish and seafood products in other countries.
- Commercial Viability: Strategies Provided for the businesses whose primary object is the export of seafood.
- Quick Returns: These are fast-moving consumer goods which yield positive returns on investment in the shortest time possible.
- Job Creation: It creates job opportunities at the coastal part of the state of Odisha.
5. Coconut-Based Products Manufacturing
Investment Range: ₹4-6 lakhs
Trending Keyword: #CoconutProductsOdisha
Odisha coastal area being rich in coconuts will see plenty of opportunities in manufacture of coconut-based products. With more than one product lines, the business from coconuts provides immense potential. You can prepare and sell coconut oil, coir goods, shell work, and even easy-to-make fast foods with coconut as the main ingredient.
Product Range:
- Culinary and cosmetic applications of coconut oil
- Coir items including mats, ropes, and brushes
- Handicrafts and ornaments from shells
- Coconut based edibles (desiccated coconut and chips)
Key Advantages:
- Adaptable Structure of Volumes: Provides multiple lines of products from single material.
- Abundant Supply: There is a regular supply of pediculus oil and coir materials.
- Low Investment: Coconut-based manufacturing has relatively low initial investment costs.
How to Get Started with a Manufacturing Business in Odisha
Starting a small scale manufacturing business in Odisha calls for proper strategizing and implementation. The following is the detailed process to follow in order to get started.
- Business Registration
- Every new venture in Odisha needs to be registered as an MSME (Micro, Small, and Medium Enterprise) for one to benefit from the government policies and campaigns.
- Licenses and Permits are obtained based on the nature of the business (for instance food safe licenses for seafood or spices processing plants).
- Register for the GST (Goods and Services Taxes).
- Location selection
- Adopt considerations like industrial zones such as IDCO (industrial development corporation) plots for better infrastructure.
- In the case of the rural units, when developing the rural industries, it is advisable to set up industries in these rural zones because of the government subsidies provided under PMEGP scheme.
- Funding Options
- PMEGP Scheme: This scheme helps new entrepreneurs with project finance.
- Mudra Loan: Provides loans up to ₹10 lakhs for small-scale businesses without requiring any collateral.
- State MSME Loans: Loans and subsidies for new manufacturers are provided by Odisha MSME Department under #MSMEOdisha.
Youtube Video: 100 Business Opportunities in Odisha (Orissa).
Conclusion
Sustaining a manufacturing business in Odisha with an investment of less than ₹10 lakhs is not only feasible but also very profitable. The abundance of natural resources in the state coupled up with government investments and the high receptiveness towards homegrown goods presents a favorable atmosphere for the budding entrepreneurs. It does not matter whether it is spice processing or bamboo products or handloom textiles or seafood or coconut products, opportunities existing in every corner.
With the right plan, location, and funding, these opportunities will be turned into profitable businesses. The manufacturing sub-sector in Odisha is expected to experience growth and with the ideal business concept, you will be able to ride on this wave. So, take the leap, explore these #MakeInOdisha opportunities, and start your entrepreneurial journey today.