Odisha aims for top 5 economy by 2047, focus on FDI and growth

On Wednesday, Odisha Chief Minister Mohan Charan Majhi expressed the state's ambition to become one of the top five economies in India by 2047, coinciding with India’s centenary of Independence. Speaking at a joint business session during the 18th Pravasi Bharatiya Divas, he highlighted Odisha’s current standing as the 13th largest economy with a $100 billion GDP, aiming to reach a $1.5 trillion economy by 2047.

Majhi noted that India's remarkable economic growth under Prime Minister Narendra Modi's leadership is a source of inspiration for Odisha's aspirations. He emphasized Odisha's goal to be the preferred destination for foreign direct investment (FDI), mirroring India's position as a top global FDI hub.

Majhi outlined Odisha’s development vision, focusing on key sectors such as renewable energy, advanced manufacturing, petrochemicals, textiles, pharmaceuticals, and biotechnology. He also highlighted the state’s natural assets—its vast forests, mountains, coastline, and historical sites—calling on the diaspora to invest in tourism.

External Affairs Minister S. Jaishankar echoed Majhi’s remarks, stressing that Odisha’s rich trade potential, along with its skilled workforce, aligns with the 'Look East' policy and the Mission Purvodaya initiative aimed at rejuvenating eastern India. He also encouraged diaspora investors to explore opportunities in trade, technology, and tourism.

Odisha Industries Minister Sampad Chandra Swain emphasized the state’s business-friendly environment, showcasing the 'Go Swift' single-window system that streamlines approvals and ensures quick, transparent governance. He invited investors to take part in Odisha’s transformation and assured full support for new ventures.