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Odisha unveils subsidy scheme for stainless steel firms

(From L-R) Dr. Aruna Sharma, Former Secretary, Ministry of Steel, Abhyuday Jindal, MD Jindal Stainless Ltd., Hemant Sharma (IAS), Industries Secretary, Odisha Govt. and Anitha Raghunath, Director, Virgo Communications and Exhibitions

The Odisha Government has unveiled a subsidy scheme to attract investment and boost the sate’s stainless-steel production. The scheme offers 20% capital investment subsidy and electricity duty exemption besides land allocation and Employee Provident Fund reimbursement.

Speaking at the Global Stainless-Steel Expo 2023 (GSSE 2023) in Mumbai, where the scheme was announced, Hemant Sharma, Odisha’s Industries Secretary said, “Odisha is making significant contributions to the stainless-steel sector and the minerals sector. Being the largest producer of iron ore and bauxite in India is indeed a noteworthy achievement. This positions the state as a critical player in the raw materials supply chain for various industries, including steel and aluminium.”. 

Mr. Sharma said Jindal Stainless Ltd’s  proposed plant expansion to 3.2 MTPA in Odisha would be a game-changer. “This investment represents a substantial commitment to the stainless-steel sector in the state and will likely contribute to its growth and prominence in the industry,” he said. 
“The demand for stainless steel in India is expected to grow at an average of 9 to 10 per cent per annum over the next few financial years, doubling the growth rate of 4.5 per cent in the last five financial years,” said Anitha Raghunath, Director of Virgo Communications and Exhibitions, the organizer of the GSSE Expo. 

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