Business Ideas for Startups in Odisha (Orissa)

Business Ideas for Startups in Odisha (Orissa)

Odisha (Orissa) gives many different ideas for new businesses, making it an exciting place to start a company. The state has lots of minerals, is located near the coast in a good spot, and has strong industry structures. All these things make Odisha a great base for many business chances. From the cities of Bhubaneswar and Cuttack to Rourkela and Sambalpur, there are many chances for good business ideas in different places. Odisha's economy is doing very well, with a big increase in its Gross State Domestic Product (GSDP). This makes Odisha an important state in India's industry sector. Business people can look into many different fields, such as industries that deal with minerals and metals, making clothes, processing food, and even renewable energy. The state government also helps new businesses by giving them various benefits and rules that create a good setting for business growth and new ideas. Whether you plan to build a factory in Balasore or start a tourism business in Puri, Odisha (Orissa) offers many chances for new companies to grow and do well.

Odisha is found in the eastern part of India. The state touches borders with West Bengal to the north-east, Jharkhand to the north, Andhra Pradesh to the south, Chhattisgarh to the west, and Bay of Bengal on its east side.

The economy of the state saw very fast growth from 2015-16 to 2019-20. The Gross State Domestic Product (GSDP) grew each year by an average rate of 12.70 per cent during this period.

Odisha has become very important when talking about mineral and metal industries. In 2018, Odisha gave the biggest part of India's mineral production by value at 40.7 per cent. Value of minerals produced in state reached Rs 30,170.22 (US$ 4.28 billion) in year 2018-19.

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This state in India is first to start changes and improvements in power sector. By March 2020, Odisha had total installed power generation capacity of 8,566.59 megawatt (MW). This includes 3,828.22 MW from state utilities, 2,771.39 MW from private companies, and another 1,996.68 MW from central government utilities.

The state received FDI of USD 13.05 million in 2019-20 (from October 2019), USD 19.76 million in 2020-21, USD 95.33 million in 2021-22, USD 31.63 million in 2022-23 and USD 5.78 million up to September 2023.

Odisha has good social, physical, and industrial infrastructure. The state government works on many projects to make development better. Odisha's infrastructure includes roads and railways that connect well, airports, ports for ships, electricity supply (power), and telephone networks (telecom).                       

Read Similar Article: Which Business is best in Odisha (Orissa)?

Odisha (Orissa)

Types of Industries in Odisha

The Orissa Industry is going places with excellent industrial infrastructure and presence of top national and international companies. The state has witnessed an industrial upsurge due to the favorable industrial atmosphere in the state. The state government of Odisha has invited major industrial houses of the country and abroad to invest in the state. It has achieved a considerable amount of success and several prime companies have set up their plants in the state.

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Odisha’s Industrial Structure can be Divided into Following Categories:

·         Large-Scale Heavy Industries

·         Large-Scale Industries

·         Small-Scale Industries

Large-Scale Heavy Industries

This segment includes the industrial units that need massive capital investment and include iron steel industry, aluminium, cement, Ferro-manganese, Ferro-chrome, steel rolling mills, fertilizer plants, Ceramic Glass, Aluminium Mines, Rare Earths, thermal, Steel Plant and power projects.

Large-Scale Industries

Ø  Paper Mills

Ø  Textile Industry

Ø  Silk Production

Ø  Sugar Mills

Market Research: Market Research Report

The state is rich in forest resources, which has prompted the growth of several forest based industrial plants. The cottage industry of Orissa includes:-

Sericulture industry

Cotton textile mills

Sugar mills

Rice mills

Small-Scale Industries

Among the other industries beverage, tobaco, gur and molasses are important. The tobaco industry is wide spread and provides employment to large number of persons.

In bidi production, the old disticts of Sambalpur, Sundargarh, Balangir, Keonjhar, Cuttack and Balasoreare important. Although Odisha has a large cattle population, it imports leather goods. The principalcentres of leather production are Boudh, Balangir, and Keonjhar. Modern tanneries have been set-up at Cuttack and Khariar Road.

Read Article: What is the Best Business Plan to Start in Odisha

Production of inks, paints, and varnishes, soap,wood and wood products also employ a large number of persons in the towns. For jwellery and filigree work, Cuttack and Berhampur are famous. Stone carving is important in puri. The Salt Industry is being modernised at Huma in Ganjam district and at Astarang in Puri district. The Industrial estate of Bhubaneswar has been developed at Rasulgarh and Mancheswar. The most important among these is the coach building unit at Mancheswar.

Brass industry

Tobacco industry

Beverage

Molasses

Aluminum utensil making plants

Economy of Odisha (Orissa)

Over 76 percent of the people are dependent on agriculture. Out of the gross cropped area of 87.46 lakh hectares, 18.79 lakh hectares are irrigated. Rice, pulses, oil seeds, jute, Mesta, sugarcane, coconut and turmeric are important crops. There are also cash crops like tea, cotton and rubber. The state contributes one-tenth of the rice production in India. Jute, gram, sesame, ragi, mustard, rape and maize are second-ranking crops in different districts. District-wise, jute ranks second in Cuttack and Balasore, gram in Puri and Phulabani and Maize in Mayurbhanj. The infrastructure for the development of industry in Orissa is available.

Projects: Project Reports & Profiles

A combination of coal, iron ore, limestone, bauxite and a host of other minerals on the one hand and port facilities on the other are the unique features in Orissa. In addition, the bountiful forest resources and agricultural products provide ample scope for the development of forest-based and agro-based industries.
The major industries of the state include cement, aluminum, ceramic glass, chemical, fertilizer, heavy water, aeronautical industry, and Agri-based industries such as cotton textiles, sericulture, sugar mills and rice mills.

Compendium of Investment Projects

Odisha is fast emerging as the manufacturing hub of the East in India through its industry-friendly environment and policy framework. With a rich maritime trade history and one of the largest major ports of the country at Paradip, Odisha is the eastern gateway to the ASIAN region.

The State has been a well-known mineral hub of the country. In the recent past, the State has undertaken a series of initiatives to broad-base the industrial development by attracting investments across diversified sectors with significant potential. My Government has launched Odisha Industrial Development Plan: Vision 2025 with focused attention on 5 sectors which aims to attract investments to the tune of Rs. 2.5 lakh crore and generate direct & indirect employment opportunities for 30 lakh people.

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Which Business is best in Odisha (Orissa)?

On the back of these initiatives, numerous opportunities for investments have opened up for investors across different sectors. This compendium includes key features of investment projects in sectors and areas including industrial parks, textiles, healthcare, logistics, transport, information technology, electronics manufacturing, food processing, urban infrastructure, smart city, chemicals, petrochemicals, plastics, energy, tourism and downstream industries.

Benefits for Startups: Given By the State Government of Odisha

Below are the list of benefits of that are given by the state:

1.   Monthly allowance:

Startups will be given a monthly sustenance allowance of rs. 20,000 by the State Government for a period of one year. 

2.   Need based assistance:

For 'recognized Startup entity', help that is based on need could be given towards covering the expense of raw materials or components and other related equipment necessary for product development or improving existing products. Assistance will be provided in situations where innovation depends on a particular raw material /equipment, and it requires endorsement from the Startup Council.

3.   Product development and marketing / Publicity assistance:

Startups will receive a product development and marketing/publicity assistance of up to a maximum of rs. 15 lakh from the State Government for the purpose of introducing an innovative product to the market.

4.   Patent reimbursement:

Startups will be reimbursed 100% of the patent registration cost up to maximum of Rs.10 Lakhs as per the Odisha Industrial Policy 2015.

5.   Government procedure:

Micro & Small Enterprises or Startups must receive a compulsory 20% of the entire procurement by State Ministries/Departments/State PSUs.

Project Opportunities in Orissa:

1.    Mineral Water

2.    Mosquito Coils (Automatic Plant)

3.    Modern Bakery Unit

4.    Mayonnaise - Manufacturing Plant

5.    Mishri (sugar Candy)

6.    Maize and its By Products

7.    Moringa Oleifera (drumstick) Powder

8.    Multiplex Cinema Hall (84+84 Seats Double Screen)

9.    Multiplex Cinema Hall (164 Seats Single Screen)

10. Multiplex Cinema Hall (108+108 Seats Double Screen)

11. Non-Woven Fabric

12. Non-dairy Whipping Cream

13. Pan Chutney

14. Petroleum Distillation Plant (Oil Distillation Refinery Plant)

15. Petroleum Coke

16. Pickles (Various Types)

17. Plastic (P.V.C.) Laminated Collapsible Tubes

18. Power Transformer

19. PVC & XLPE Cables

20. Plastic Crates

21. Pasta and Macaroni

22. Power Generation from Garbage

23. PPR Pipes

24. Production of Paracetamol (acetaminophen)

25. Paracetamol Used Phenol as Building Block

26. Paracetamol

27. Potato Flakes

28. Potato Powder, Flakes & Granules with Cold Storage

29. Polyester Fiber from Corn/starch

30. Polylactic Acid (PLA) From Lactic Acid

31. Pearl Sugar Candies / Candy

32. Pan Masala Sada, Meetha & Zarda

33. Potato Products (potato Balls, Nuggets and French Fries)

34. Ready to Eat Food (Retort Packing)

35. Roller Flour Mill (with Color Sorter)

36. Rubber Compound Toys (using Plaster of Paris)

37. Rocking Chairs

38. Rice Milling Unit

39. Ropes

40. Rice Flakes and Puffed Rice

41. Ready to Eat Food (rte)

42. Restaurant with Microbrewery

43. Sanitary Napkin (Low Investment Project)

44. Spices (100 % EOU)

45. Spices (turmeric, Chilli & Masala Powder)

46. Surgical Cotton & Bandages

47. Spice Powder (turmeric, Chilli, Pepper, Coriander and Cumin Powder)

48. Seafood

49. Surgical & Examination Latex Rubber Gloves

50. Stable Bleaching Powder

51. Sodium Hypochlorite (bleach Liquor)

52. Solar Pump

53. Solar Power Plant

54. Solar Cell

55. Solar Photovoltaic (PV) Modules Assembling Plant (10 Mw)

56. Solar Photovoltaic-a Viable Future Alternative of Renewable Energy

57. Solar Photovoltaic Power Plant

58. Solar Panel

59. Solar Panel Assembling & Solar Power Inverter on Grid, Off Grid with Solar Pump Controller

60. Soybean Products (soya Milk, Soya Paneer & Soya Extract)

61. Vanatian Blinds

62. Textile Industry (cotton Fabric)

63. Thermocol Cups, Glass and Plates

64. TMT Bars

65. Turmeric and Ginger Oil

66. Tomato Paste

67. Tooth Brushes

68. Three Star Hotel

69. Tourism and Hospitality Sector

70. Water Treatment Chemicals (R.O., Boiler and Cooling Tower)

71. Woven Sack

72. Woven Jumbo Bag/Flexible Intermediate Bulk Containers

73. Warehouse

74. Wind Mill

75. Whole Wheat Processing Unit to Extract Vwg and Starch Milk To Fermentation for Ethanol

76. Water Park

77. Zinc Sulphate (Agriculture Grade)

Frequently Asked Questions

What are the Best Business Ideas for Startups in Odisha (Orissa)?

Odisha (Orissa) has many choices for new businesses, like mineral-based industries, food processing units, textile manufacturing, and tourism. Cities such as Bhubaneswar, Cuttack, and Rourkela have strong infrastructure that supports different business ideas.

Odisha (Orissa) is very good place for startups because it has many natural resources, a useful coastal location, and helpful government rules. The state economy is growing well, making Odisha promising place for new businesses to start.

Which Cities in Odisha (Orissa) are best for Starting a New Business?

Bhubaneswar, Cuttack, Rourkela, Sambalpur, and Balasore are top cities in Odisha (Orissa) for start new business. These cities have very good infrastructure and skilled workers. Also they give access to markets which makes them perfect places for starting new ventures.

What Incentives does the Odisha (Orissa) Government Offer for Startups?

The Odisha (Orissa) government give many supports for startups, like money help, tax breaks, and subsidies on investment in capital. These helps try to make people start own business and grow company in the state.

How Can I Find Profitable Business Ideas for Odisha (Orissa)?

You find good business ideas for Odisha (Orissa) by studying market changes, looking at the state's industry setup, and talking with knowledgeable people in business. Also, checking industries like mineral processing, food making, and tourism can show money-making chances.