A traditional past, a vibrant present and a large potential for MSME industries, make up the eastern state of Odisha. The State is also a treasure trove for natural resources and ranks highest in the country in terms of total value of mineral output. As many as 50 different crafts are produced by about 1.30 lakh artisans, dispersed throughout the state.
There are also enormous opportunities for developing ancillary and downstream industries close to the steel plant, including construction material manufacturing, by-product treatment, supplement material providing, maintenance shops and downstream industries like steel fabrication, plate & coil processing.
Prime Minister’s Employment Generation Programme (PMEGP): Under this programme, financial assistance is provided for setting up of micro enterprises each costing up to Rs. 10 lakhs in the service sector, and Rs.25 lakhs in manufacturing sector.
The assistance is provided in the form of subsidy upto 25 percent (35 percent for Special category including weaker sections) of the project cost in rural areas while it is 15 percent (25 percent for Special category including weaker sections) for urban areas.
Odisha Youth Innovation Fund: Entrepreneurs between 13 and 35 years of age can apply to avail the benefits under this new scheme. Selected applications will be rewarded with Rs. 50,000/- for new ideas, Rs. 1,00,000/ for any demonstrative product, prototypes, patents, incubated products or services. Besides, 3 Lakh rupees will be provided for development of any enterprise based on eligible innovative idea/products/services as prize money. Read more here >
Market Development Assistance Scheme for Micro & Small manufacturing enterprises, and Small & Micro exporters (SSI-MDA). Read more here >
ISO 9000 / ISO 14001 / HACCP Certifications: The scheme provides incentive to those small scale/ancillary undertakings who have acquired ISO 9000 / ISO 14001 / HACCP certifications. Read more here >
Credit Guarantee Fund Scheme for Micro and Small Enterprises: Read more here >
Credit Linked Capital Subsidy Scheme (CLCSS) for technology upgradation of Micro and Small Enterprises. The scheme aims at facilitating technology upgrades of Micro and Small Enterprises (MSEs) by providing 15% capital subsidy (limited to maximum Rs. 15 lakhs) for the purchase of Plant and Machinery. Read more here >
Draft Odisha Entrepreneurship Development policy: The policy aims to promote entrepreneurial culture in the state. Read more here >
e-MSME Seva: Department of MSME, Govt. of Odisha has developed an online portal for guiding/facilitating entrepreneurs. Read more here >
Odisha Bamboo Development Agency (OBDA): The agency provides soft loans to entrepreneurs to set up bamboo based units in the state. Read more here >
Entrepreneurship Development Institute of India – Odisha Campus: Helps to inculcate a spirit of entrepreneurship among aspirants.Conducts courses to facilitate this. Read more here >
Xavier Institute of Management, Bhubaneswar: The institute offers a Certificate Course on Basic Managerial Skills for Potential Managers and Entrepreneurs. It also has an entrepreneurship development centre that conducts training programmes and workshops and provides other customized solutions as per the needs of the industry or the organization. It has the mandate to promote small and micro enterprises through different means for creation of livelihood opportunities, employment and income and poverty eradication in the state. Read more here >
Sri Sri University Cuttack: The institute offers MBA in Entrepreneurship. Read more here >
Institute of Entrepreneurship Development Odisha (MSME initiative): The Institute of Entrepreneurship Development, Orissa is conducting Entrepreneurship Development Programme at the district level. Read more here >
Odia Accelerator: Provide mentoring support to entrepreneurs. They also provide funding and space for start-ups during the program. Read more here >
Invest Odisha: It is a nodal agency of Department of Industries, Odisha to facilitate investment and entrepreneurship within the state. Read more here >
In Summary – Odisha and Entrepreneurship:
The MSME sector is responsible for about 40% of the exports and 45% of the total manufacturing output in India. In Odisha itself, MSME units are generating maximum employment next to agriculture. However, in spite of these evident advantages, public participation in this sector remains low. It is now up to the youth of Odisha to optimise the State Government initiatives to facilitate and coordinate the growth and development of entrepreneurship in the state.
To know more about how Odisha is building a vibrant entrepreneurship ecosystem, click here.
Data Sources for Odisha: