Odisha govt amends 40 yr old law to propel investment proposals

Bhubaneswar, Nov 24: The Odisha assembly today passed the Odisha Industrial Infrastructure Development Corporation (Amendment) Bill, 2020 to amend the existing law enacted 40 years ago, in order to provide infrastructural facilities to propel investment proposals. The Bill aimed at amending the Orissa Industrial Infrastructure Development Corporation Act, 1980 in view of change in industrial scenario. Piloting the Bill, Industries Minister Dibya Shankar Mishra said," The State has emerged as a pioneer in implementing the programmes like 'Make in India ' and ' Ease of Doing Business' launched by the Government in India to accelerate the industrial development. The State-run Industrial Infrastructure Development Corporation (IDCO) has to play a pivotal role in implementing such programmes in providing infrastructural facilities to propel investment proposals in the state. The Bill seeks to achieve the above objectives." In the meantime, a lot of changes have  been made in different Acts which have bearing not only on the functions of the Corporation (IDCO), but also in the need of Industries, Trade and Commerce. The amendments intend to factor in the changes in processes, related statutes and institutions since 1981 and the provisions of the new Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013, said the Minister.      The Orissa Industrial Infrastructure Development Corporation (IDCO) was  set up in 1980 through a law to this effect for securing and assisting in the rapid and orderly establishment and organisation of industries in the industrial areas and industrial estates of the state. Subsequently, the Corporation ventured to undertake construction and other projects in industrial and social sectors to generate some revenue for funding its infrastructural development activities. In the present scenario, IDCO has been functioning as the nodal agency of the state government in sharing various developmental activities sponsored by the Government of India for establishment of industrial regions such as  Petroleum. Chemicals and Petrochemicals Investment Region (PCPIR), National Investment Manufacturing Zone, Aluminium Park, Plastic Park, Sea Food Park, Textile & Apparel Park , Plastic and Polymer Industry in the state. It takes up the development work either through formation of  Special Purpose Vehicle (SPV) or entering into joint venture with different organisations.