Chhattisgarh's New Industrial Policy Draws Rs 15,184 Crore Investment Proposals


(MENAFN- KNN India) Raipur, Dec 26 (KNN)
Just one month after the introduction of its new industrial policy, mineral-rich Chhattisgarh has successfully attracted investment proposals worth Rs 15,184 crore.

Ritu Sain, Chhattisgarh's Investment Commissioner, emphasised the state's goal to broaden its industrial base. "The state wants to diversify and tap into the potential of different sectors.

We have identified six new priority sectors in the new industrial policy and are exploring the potential of sectors like tourism and food processing," she told
ET.

The state's strategic shift to diversify its industrial landscape is evident as companies have expressed interest in setting up semiconductor manufacturing facilities, bamboo parks, food processing hubs, and electric vehicle (EV) production plants.

Under the newly-formed BJP government, Chhattisgarh has moved beyond its traditional reliance on iron ore and steel production, with a focus on emerging sectors such as semiconductors, green hydrogen, and electric vehicles.

The state has identified six key areas for industrial growth: pharmaceuticals, textiles, food processing, agricultural product preservation, non-timber forest products processing, and electronics.

This diversification strategy appears to be yielding positive results, as investment proposals continue to flood in.

Among the notable investments, Polymatech Electronics plans to establish a semiconductor chip manufacturing facility in Naya Raipur with an investment of Rs 1,134 crore.

Eswara Rao Nandam, CEO & Managing Director of Polymatech Electronics, highlighted the importance of uninterrupted power supply in the state, stating, "Chhattisgarh government's unwavering commitment to providing uninterrupted power supply has been instrumental in Polymatech's decision to establish our second Indian facility here."

In addition to Polymatech, several other companies are making significant commitments to the state. Teleperformance, a global leader in outsourced services, will set up a back-office center with an initial investment of Rs 600 crore.

Varun Beverages has proposed investing Rs 250 crore in a PepsiCo bottling plant, while TWI Group has outlined plans for an electric vehicle manufacturing plant, logistics park, and bamboo hub.

Historically, Chhattisgarh has been known for its steel and iron ore industries, housing India's largest integrated steel plant at Bhilai. The state's economy has long been driven by these mineral-rich sectors, with investments amounting to Rs 2.8 lakh crore primarily in steel and iron ore.

However, the state is now focused on fostering a more balanced industrial growth model, with an emphasis on diversification. Sain added, "We already have an investment of Rs 2.8 lakh crore in place mostly in steel and iron ore. But the attempt is now for holistic investment in different sectors."

Chhattisgarh's new industrial policy and its efforts to attract investments from a broad range of industries signal a shift towards creating a more resilient and sustainable economic future.

As the state moves forward, it is poised to become a significant player in sectors like electronics, food processing, and green technologies, aligning with India's broader goals for industrial growth and diversification.

(KNN Bureau)

MENAFN26122024000155011030ID1109032790


KNN India

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.

Newsletter