Odisha one of the best states for MSMEs in the country
The Odisha state government has targeted 300,000 jobs in 2015-16 year. This the government aims to achieve with the help of the 60,000 new MSMEs in the state. The state government has made district wise plans to achieve the objectives. The 80 percent of the enterprises that will be promoted will be in the manufacturing sector. The state government also aims to target advance loans of Rs 12,000 crore to the 60,000 new MSMEs in the year 2015-16. Even the private banks and the rural banks have advanced loans of Rs 1,011.79 crore and Rs 1,572.61 crore to the MSME sector respectively.
Odisha has around 1.5million MSMEs that employ about 3.3 million people. When it comes to employing people through MSMEs Odisha ranks 10th in the entire country. The growth rate of the MSME sector is 32% as against the all India rate of 28%. In a similar fashion, the growth rate of job opportunities is 29% as against the national average of 26%.