What Key Strategies Are Emerging for Odisha's Economic Growth Ahead of the 2027-28 Union Budget?

A recent pre-budget consultation in Bhubaneswar brought together experts to discuss vital strategies for Odisha's economic growth ahead of the 2027-28 Union Budget. Key areas of focus included enhancing mineral-based industries, addressing challenges faced by MSMEs, and improving farmers' incomes. The discussions emphasized the importance of aligning state realities with national priorities and proposed actionable recommendations to strengthen Odisha's industrial capabilities. Participants explored opportunities in critical minerals and the need for collaboration between industry and academia to foster sustainable growth. This roundtable aims to shape the future of Odisha's economy significantly.

By Narendra Chaudhary Oct 31, 2026, 09:19 IST

Key Priorities Identified in Pre-Budget Consultation

Bhubaneswar: A recent pre-budget consultation led by the Nation First Policy Research and Change Foundation (NFPRC) highlighted the need to bolster mineral-based industries, tackle credit and regulatory hurdles for MSMEs, and enhance farmers' earnings as pivotal goals.

The roundtable, which convened over 25 specialists from various sectors including government, industry, academia, finance, and agriculture, focused on formulating Odisha-specific policy recommendations for the upcoming Union Budget for 2027-28.

Discussions revolved around three main sectors of Odisha's economy: strategic industries, mining and critical minerals; the landscape for Micro, Small and Medium Enterprises (MSMEs) and the overall business environment; and the agricultural sector along with rural economic development.

Achyut Shankar, the Director of Outreach at NFPRC Foundation, opened the session by stressing the necessity of aligning state-level realities with national budget priorities. He noted that Odisha's rich mineral resources, growing industrial sector, vibrant MSME ecosystem, and extensive rural economy position it as a key player in India's developmental goals.

Shankar urged attendees to propose specific, actionable strategies to enhance public spending efficiency. The initial session concentrated on strategic industries, mining, and critical minerals, discussing methods to fortify domestic industrial capabilities and lessen reliance on imported critical materials and technologies.

Participants explored opportunities in critical minerals, strategic materials, battery production, electric mobility, semiconductors, electronics, artificial intelligence, and digital infrastructure. A significant focus was placed on transitioning from mere mineral extraction to increased downstream value addition within Odisha.

Moreover, the importance of collaboration between industry and academia, technology advancement, and stronger connections from research to market were emphasized as essential for generating quality jobs and establishing sustainable industrial capabilities.