Odisha’s Government recently introduced a specialized investment initiative, focusing on stainless steel, during the Global Stainless-Steel Expo 2023 in Mumbai. This scheme offers a substantial 20% capital investment subsidy to businesses investing in the stainless steel downstream sector in Odisha. The subsidy, provided over a 5-year period, comes without an investment limit, significantly encouraging growth and innovation in the sector.
Additionally, the scheme includes a power tariff subsidy of Rs 2/unit and a complete exemption from electricity duty for businesses operating in the stainless steel downstream sector. These measures aim to reduce operational costs and enhance industry competitiveness.
To promote job creation, the scheme also offers a 100% reimbursement of Employee State Insurance (ESI) and Employee Provident Fund (EPF) contributions for up to five years, along with priority land allocation for projects. Odisha, known for its rich mineral resources as the largest producer of iron ore and bauxite, plays a vital role in the raw materials supply chain for industries such as steel and aluminium.
While the Global Stainless-Steel Expo 2023 brings together over 500 stakeholders from India and abroad, the industry faces challenges like subsidized imports from China, impacting domestic MSMEs. This event will address critical topics like demand generation, emission targets, exports, and research and development (R&D) of new technologies for the sector.