Odisha Targets US$500 bn Economy By 2036 With MSMEs
ECONOMY & POLICY

Odisha Targets US$500 bn Economy By 2036 With MSMEs

Odisha, currently a United States dollar (US$) 120 bn economy, is targeting US$500 bn by 2036 and US$1.5 tn by 2047, with micro, small and medium enterprises expected to play a central role in job creation and entrepreneurship expansion, senior state officials said at the Outlook MSME Growth Conclave in Bhubaneswar. Chief Secretary Anu Garg outlined the state ambition and linked the targets to a roadmap for strengthening the MSME ecosystem. The conclave gathered senior government officials, banking executives, industry representatives and other stakeholders to deliberate policy measures.

The administration noted that the state currently accounts for two point eight nine per cent of India’s GDP and aims to raise this share to four per cent by 2036 and potentially five per cent by 2047. Discussions at the conclave addressed enterprise development, women-led entrepreneurship and the regulatory and infrastructure support required to broaden participation in growth. Participants examined practical measures to move micro and small firms from subsistence activity to scalable enterprise.

Access to finance emerged as a central constraint for MSMEs and banking representatives set out funding gaps. The head of MSME banking at Bank of Baroda estimated that Odisha’s MSMEs require an estimated Rs 4,800 bn to Rs 5,500 bn in funding support while current credit flows amount to about Rs 1,200 bn. Panel sessions explored credit products, co-lending arrangements and supply chain finance as mechanisms to bridge the shortfall.

The conclave emphasised that appropriately structured credit will be essential if the state is to realise its growth targets and enable firms to scale sustainably. Deliberations also highlighted the need for targeted support for women entrepreneurs, capacity building and simplified access to government schemes. Attendees advocated coordinated action across departments, banks and industry to translate the roadmap into measurable outcomes.

Odisha, currently a United States dollar (US$) 120 bn economy, is targeting US$500 bn by 2036 and US$1.5 tn by 2047, with micro, small and medium enterprises expected to play a central role in job creation and entrepreneurship expansion, senior state officials said at the Outlook MSME Growth Conclave in Bhubaneswar. Chief Secretary Anu Garg outlined the state ambition and linked the targets to a roadmap for strengthening the MSME ecosystem. The conclave gathered senior government officials, banking executives, industry representatives and other stakeholders to deliberate policy measures. The administration noted that the state currently accounts for two point eight nine per cent of India’s GDP and aims to raise this share to four per cent by 2036 and potentially five per cent by 2047. Discussions at the conclave addressed enterprise development, women-led entrepreneurship and the regulatory and infrastructure support required to broaden participation in growth. Participants examined practical measures to move micro and small firms from subsistence activity to scalable enterprise. Access to finance emerged as a central constraint for MSMEs and banking representatives set out funding gaps. The head of MSME banking at Bank of Baroda estimated that Odisha’s MSMEs require an estimated Rs 4,800 bn to Rs 5,500 bn in funding support while current credit flows amount to about Rs 1,200 bn. Panel sessions explored credit products, co-lending arrangements and supply chain finance as mechanisms to bridge the shortfall. The conclave emphasised that appropriately structured credit will be essential if the state is to realise its growth targets and enable firms to scale sustainably. Deliberations also highlighted the need for targeted support for women entrepreneurs, capacity building and simplified access to government schemes. Attendees advocated coordinated action across departments, banks and industry to translate the roadmap into measurable outcomes.

Related Stories

Gold Stories

Next Story
Building Material

From Rough to Refined: How Modern Plastering Is Changing Wall Finishes

When Rohan first walked into his newly constructed home, he imagined what it would become—a warm living room, a bright bedroom, and walls smooth enough to complement his carefully chosen interiors.But there was one problem.The walls didn't look anything like the finished home he had imagined.They were uneven in places, rough to the touch, and covered with visible patches and minor surface imperfections. Rohan initially thought paint would fix everything.His contractor had a different answer.“Before the paint, we need to get the plastering right.”That conversation made Rohan realise somet..

Next Story
Infrastructure Urban

Embraer to Acquire 51 Per Cent Stake in Mahindra Aerospace Arm

Brazilian aerospace major Embraer will acquire a 51 per cent equity stake in Novavayu Aerospace, a step-down subsidiary of Mahindra and Mahindra, under an Investment Agreement notified by the automobile company in an exchange filing. The transaction will give Embraer control of the aerospace business. Following completion of the acquisition, Novavayu Aerospace will cease to be a wholly owned subsidiary and become an associate of Mahindra Defence Systems, which is a step-down wholly owned subsidiary of Mahindra and Mahindra. The agreement is expected to be completed on or before December 1. Mah..

Next Story
Infrastructure Urban

RBI Opens Special Dollar Window for Three State-Run OMCs

The Reserve Bank of India (RBI) has opened a special facility to meet the entire daily US dollar requirements of three public sector oil marketing companies (OMCs), in a move aimed at easing pressure on the Indian rupee. The facility will take effect on October 12, 2026, and remain available until further notice. Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation are eligible to use the arrangement. Under the facility, the RBI will sell US dollars to the three companies through designated banks, allowing them to meet their oil-import payments without sourc..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code