Mineral-rich Odisha has the potential to be a $1-trillion economy and help India to become a $10-trillion economy, according to a report prepared by JSW Group and PwC India.

Releasing the vision report, titled Economic Possibilities for Odisha Towards a One-Trillion-Dollar Economy, at the state secretariat, chief minister Naveen Patnaik said, “Mineral-rich Odisha will play a central role in driving national growth as a manufacturing hub of the country. Odisha, having huge natural resources, is on its way to achieve this objective through its investment friendly policies, infrastructure connectivity and skilled manpower.”

The report emphasised on the competitive advantage of Odisha over other states and its potential to become the export hub for metal products across the world.

The report draws parallel between the mineral-rich Hebei province of China and Odisha. The Hebei province, that constitutes around 1.96 per cent of China’s total area, contributes about 4.35 per cent to China’s GDP.

“Odisha is poised towards a giant leap of growth for metal-based industries, similar to Hebei...the state has the potential to produce 400mt of iron ore and 259mt of coal,” said the report.

Odisha can contribute an additional 80mt to steel production, taking the total production of the metal in the state to more than 100mt by 2031. This would mean that more than 40 per cent of the country’s steel production would be within Odisha, the report said.

Describing Odisha as the “Hidden Gem of India”, JSW chairman Sajjan Jindal said, “Odisha can act as a catalyst to India’s growth and has a potential to develop itself into a one-trillion-dollar economy. To achieve that goal, Odisha will have to become the biggest ‘manufacturing hub’ of India.”

Ranen Banerjee, partner at PwC, India, presented the key findings of the study before the chief minister in the presence of senior officials of the Odisha government.