Odisha Eyes 1 Trillion Dollar Chemical Sector Goal by 2040
Bhubaneswar, October 22: Odisha is positioning itself as a rising chemical hub, with Chief Minister Mohan Charan Majhi telling delegates at India Chem 2026 in Mumbai on Thursday that the state is prepared to help India reach its 2040 chemical sector target.
Majhi made the case for Odisha in his opening address at the conference, inviting investors of every scale to set up operations in the state. He pledged round-the-clock administrative support throughout the life of their projects.
"Odisha is fully ready for you. Whether it is a small project or a large one, Odisha is ready. We will assist you at every stage to make your enterprises succeed," he said.
The Chief Minister described a long-term plan to convert Odisha's mineral-based economy into a chemical-led industrial base. According to him, the state's three major ports, Paradip, Gopalpur and Dhamra, provide strong links to feedstock, industrial land, essential facilities, domestic consumers and international sea trade routes.
He linked the state's strategy to the NITI Aayog roadmap that seeks to lift India's chemical industry to 1 trillion dollars by 2040. Majhi said achieving this will require robust chemical clusters, dependable feedstock supply, integrated logistics, homegrown technology and a complete ecosystem.
"Odisha is ready to contribute on a large scale to India's chemical sector target of 1 trillion dollars by 2040," he said.
On infrastructure, Majhi said the Paradip PCPIR already houses IOCL's 15 million tonne refinery and a 61,000 crore rupee petroleum and chemical complex. These developments are opening direct avenues in polymer packaging and technical textiles, and a plastic park is slated for the same location.
Gopalpur, he added, is becoming a notable centre for refrigerants, chlorochemicals, green hydrogen and green ammonia. Fertiliser production is also moving forward, with a coal gasification initiative for urea being implemented through Talcher Fertilizers. Meanwhile, Bharat Coal Gasification and Chemicals Limited is establishing a technical-grade ammonium nitrate plant at Lakhanpur.
Majhi pointed to institutional strengths as well. Odisha ranks in the top five states on the NITI Aayog Investment Friendliness Index and stands first on the Fiscal Health Index. The state also holds second place in total investment received by the country this year.
"Team Odisha is fully prepared to support every investment proposal with 24-hour assistance until it is implemented," he said. Projects worth 3.52 lakh crore rupees, comprising about 200 units, have won full approval in less than two and a half years.
Across all sectors, the state has received investment proposals worth more than 22.50 lakh crore rupees. Proposals exceeding 12.50 lakh crore rupees have been cleared by the High Level Clearance Authority (HLCA).
International response has also been notable. A delegation's visit to the UAE in September yielded investment proposals worth 2.5 lakh crore rupees, including an MoU with International Holding Company (IHC) that promises about 2.10 lakh crore rupees, or 30 billion dollars, in FDI for chemicals, petrochemicals and critical minerals.
Concluding his remarks, Majhi urged industry leaders: "Come, invest in Odisha and become a part of 'Samriddha Odisha'."