Biz Infra to get a Budget Boost

18 Jun 2022 CW Team

The state government has planned a dedicated cluster for sector-specific industries, industrial estates, and land banks to augment growth. Finance minister Niranjan Pujari might make an adequate allocation for the same in the 2022-23 annual budget which will be presented in the assembly on July 2.

The state cabinet approved a new land bank policy of Rs 856 crore. Under this policy, the government made financial provisions in favor of state-owned Idco to acquire private as well as government land and bring the land under its provision.

It has come out with a land bank policy as land acquisition for large industries became a major headache for the state government. The policy will help provide land to the industrial houses in a convenient manner.

The state government will make budgetary provisions for the policy so that the Odisha Industrial Infrastructure Development Corporation (Idco) can implement the scheme and boost industrial development.

Financial assistance of Rs 428 crore is sanctioned in favour of Idco to develop a mega aluminium park which includes land acquisition costs in Angul district. Financial provision is expected to be made in the annual budget.

With this, the state government is aiming to draw investment in the aluminium downstream along with ancillary sectors, having the scope to create numerous employment opportunities.

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