Odisha to set up “Investment Promotion Agency” in all districts
Government of Odisha has decided to set up district-level industry and investment promotion agencies in all the districts of state.
- Such agencies would be set up in a bid to create more economic opportunities across the state.
- This decision was taken at a high-level meeting, chaired by Chief Secretary SC Mohapatra.
What are the functions of these agencies?
- Investment promotion agency would be dedicated for facilitating and handholding the micro, small and medium enterprises.
- These agencies would operate as single-point contact for entrepreneurs and investors.
- Agencies would also facilitate MSME entrepreneurs from the “time of project formulation & capacity building” to “financing, starting of production, & market linkages”.
- It would facilitate MSMEs to avail different assistance from government as per prevailing provisions.
Who will manage these agencies?
These agencies would be managed by three professionals under the supervision of respective district collectors.
Setting up of agencies
These agencies would be set up in all the districts of Odisha in a phased manner with the help of feedback and learning of functioning and outcome. This project will start in August, 2021. For the first phase of project districts of Ganjam, Sundargarh & Jagatsinghpur were selected. In second phase, districts of Angul, Jajapur, Balasore, Keonjhar, Jharsuguda, Rayagada, and Sambalpur will be covered. Government has targeted to cover all districts by March 2022.
Significance of MSMEs
MSMEs are movers of economy. This, their promotion across all the districts of state will result into an equitable growth. This sector is a critical source of livelihood and employs about 110 million people.
Month: Current Affairs - June, 2021