ID :
68643
Thu, 07/02/2009 - 13:29
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https://www.oananews.org//node/68643
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Orissa, "investment destination of choice": UNIDO
New Delhi, July 1 (PTI) India's mineral-rich eastern
state of Orissa is fast moving up in the chart of
investment-friendly destinations in India, as domestic and
global demands for natural resources is rising rapidly, says a
United Nations body.
A radical improvement in fiscal and budgetary positions
and adoption of progressive business-friendly legislations
have transformed the image of the state as an "investment
destination of choice," says an investors survey by the United
Nations Industrial Development Organisation (UNIDO).
"There has been a massive boom in investment in the
state of Orissa over the last five years, led by the mining
and the metals sector and stimulated by the rapidly rising
domestic and global demand for the minerals and metals
produced in the state," it says.
The survey reveals that investors responded positively to
the single window mechanism introduced by the state government
under the Orissa Industries (Facilitation) Act, 2004.
"About half the investors since 2005 are now exclusively
using this route rather than going through individual
departments as in the past... The average time reported to
clear customs has been reduced drastically from 15 to 9 days,"
it points out.
The state in the east coast has now also achieved the
Indian national average in terms of the time spent by the
management in dealing with regulations and government
authorities, the survey says.
Respondents in the 2008 survey in comparison to the 2005
response reported power outages occurring for a shorter period
of time in Orissa and now down to the average reported for
states like Andhra Pradesh and Maharashtra.
"Radical improvement in the fiscal and budgetary position
of the government as well as the adoption of progressive
business-friendly legislation...has transformed the reputation
of Orissa as an investment destination of choice," UNIDO said.
However, the survey says, there is now a need to focus on
investment promotion and facilitation activities to increase
the diversity of investment at the SME level and to support
their linkages to the larger industrial projects under
implementation in the state.
The UNIDO survey covered 289 companies, 30 per cent of
which were in steel and mines, and 19 of the projects involved
foreign investors. PTI
state of Orissa is fast moving up in the chart of
investment-friendly destinations in India, as domestic and
global demands for natural resources is rising rapidly, says a
United Nations body.
A radical improvement in fiscal and budgetary positions
and adoption of progressive business-friendly legislations
have transformed the image of the state as an "investment
destination of choice," says an investors survey by the United
Nations Industrial Development Organisation (UNIDO).
"There has been a massive boom in investment in the
state of Orissa over the last five years, led by the mining
and the metals sector and stimulated by the rapidly rising
domestic and global demand for the minerals and metals
produced in the state," it says.
The survey reveals that investors responded positively to
the single window mechanism introduced by the state government
under the Orissa Industries (Facilitation) Act, 2004.
"About half the investors since 2005 are now exclusively
using this route rather than going through individual
departments as in the past... The average time reported to
clear customs has been reduced drastically from 15 to 9 days,"
it points out.
The state in the east coast has now also achieved the
Indian national average in terms of the time spent by the
management in dealing with regulations and government
authorities, the survey says.
Respondents in the 2008 survey in comparison to the 2005
response reported power outages occurring for a shorter period
of time in Orissa and now down to the average reported for
states like Andhra Pradesh and Maharashtra.
"Radical improvement in the fiscal and budgetary position
of the government as well as the adoption of progressive
business-friendly legislation...has transformed the reputation
of Orissa as an investment destination of choice," UNIDO said.
However, the survey says, there is now a need to focus on
investment promotion and facilitation activities to increase
the diversity of investment at the SME level and to support
their linkages to the larger industrial projects under
implementation in the state.
The UNIDO survey covered 289 companies, 30 per cent of
which were in steel and mines, and 19 of the projects involved
foreign investors. PTI
