Business News | Odisha Plans Shift to Chemical-driven Economy, Targets India's USD 1 Trillion Chemical Industry by 2040: CM Majhi
Get latest articles and stories on Business at LatestLY. Odisha is seeking to transform itself from a mineral-driven economy into a chemical-driven industrial hub, with Chief Minister Mohan Charan Majhi saying the state is ready to contribute at scale to India's vision of building a USD 1 trillion chemical industry by 2040.
Mumbai (Maharashtra) [India], October 22 (ANI): Odisha is seeking to transform itself from a mineral-driven economy into a chemical-driven industrial hub, with Chief Minister Mohan Charan Majhi saying the state is ready to contribute at scale to India's vision of building a USD 1 trillion chemical industry by 2040.
Addressing the inaugural session of India Chem 2026 in Mumbai on Thursday, Majhi said Odisha was looking to expand its chemicals and petrochemicals industries, building on its established strength in steel, aluminium and mineral-based industries.
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"Odisha is ready to contribute at scale to realizing India's vision of a one-trillion-dollar chemical industry by 2040. Our goal is to transform Odisha from a mineral-driven economy into a chemical-driven industrial economy," he said.
Majhi said the state's mineral and metals industries had created demand for chemicals, industrial gases, acids and water-treatment chemicals, providing a base for further growth in the sector.
He highlighted projects being developed in Gopalpur across deep-sea-related industries, chlorochemicals, green hydrogen and green ammonia. Fertiliser production through coal gasification is also being developed at Talcher, while Bharat Coal Gasification and Chemicals Limited is setting up a technical-grade ammonium nitrate project at Lakhanpur. Prime Minister Narendra Modi inaugurated work on the Lakhanpur project in June 2026, Majhi said.
The Chief Minister said Odisha had received investment proposals worth more than Rs 22.50 lakh crore, of which proposals worth over Rs 12.50 lakh crore had been approved by the state's High-Level Clearance Committee.
"In less than two and a half years, Odisha has facilitated the establishment of 204 industrial units, involving investments of ₹3.05 lakh crore, with their project proposals receiving the necessary approvals," he said.
Majhi also highlighted growing interest from overseas investors. A visit by Team Odisha to the UAE in September resulted in investment proposals worth around Rs 2.5 lakh crore. The state has also signed an MoU with International Bonding Company for a proposed investment of approximately Rs 2.10 lakh crore, equivalent to USD 30 billion, in sectors including chemicals, petrochemicals and critical minerals.
He said Odisha was offering capital investment assistance, power-related incentives, employment incentives and state GST benefits to investors.
The state also has research, testing and training support through institutions such as the Institute of Chemical Technology and the Central Institute of Petrochemicals Engineering and Technology, Majhi said, adding that Odisha was prepared to support projects through implementation. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)