The Business Bytes
Jayajit Dash
The Utkarsh Odisha Conclave 2025, with its grand signing of 54 MoUs worth ₹5 lakh crore on Day 1, feels less like a business summit and more like a theatrical revival of Odisha’s ancient legacy as a global trade hub. Prime Minister Narendra Modi’s invocation of the Bali Yatra — a festival commemorating Odisha’s maritime glory with Southeast Asia — was not just poetic but politically astute. It framed the event as a bridge between history and hyper-modernity, between the whispers of seafaring merchants and the roar of semiconductor factories. But beneath the glittering promises lies a critical question- Is this the dawn of Odisha’s economic renaissance, or another chapter in India’s oft-repeated tale of MoU-driven optimism that rarely translates to grassroots transformation?
Odisha’s pitch is compelling. The Adani Group’s ₹2.28 lakh crore pledge across sectors like power, cement, and aluminum, Vedanta’s ₹1 lakh crore aluminum park, and JSW’s greenfield steel project in Keonjhar signal an industrial gold rush. Add to this- the Rs20,900 crore IT/ITeS and semiconductor investments — anchored by giants like Zoho and partnerships with NASSCOM — and the state appears poised to shed its “mineral-rich but lagging” tag. The narrative is fortified by geopolitical serendipity- ASEAN nations, particularly Singapore and Indonesia, are rediscovering Odisha’s strategic relevance, drawn by its ports, resources, and now, tech ambitions. The conclave’s buzzword, “aspiration,” echoed by Modi’s conflation of AI (Artificial Intelligence and Aspiration of India), cleverly marries emotional resonance with policy intent.
Yet, history offers cautionary parallels. Odisha’s tryst with industrialization has often been a story of extraction over empowerment. The state’s mineral wealth fueled India’s growth but left its communities grappling with displacement and environmental degradation. Will this new wave of investments, particularly in sectors like aluminum and cement — notorious for ecological footprints—repeat past mistakes? The Adani Group’s track record, from controversies in Australia’s Carmichael coal project to fisherfolk protests in Vizhinjam, looms as a specter. Vedanta’s alumina refinery in Lanjigarh, once a flashpoint for tribal rights, serves as a reminder that even “transformative” projects can stumble over social license. The conclave’s silence on sustainability frameworks, beyond cursory nods to “green energy,” feels glaring.
The semiconductor and IT boom, while exhilarating, also demands scrutiny. Odisha’s ₹5 lakh crore investment sprint includes a Silicon Carbide semiconductor facility and an AI Centre of Excellence, positioning the state as India’s answer to Penang or Hsinchu. Union Minister Ashwini Vaishnaw’s declaration that “the world believes India will be a major semiconductor destination” is bold, but the sector’s capital intensity and cyclical risks are undeniable. Taiwan’s TSMC, a global giant, took decades to mature. Can Odisha, with its nascent ecosystem, avoid becoming a spoke in the global chip industry’s volatile wheel? The state’s plan to skill youth through electronics kits and tie-ups with firms like Accenture is laudable, but scaling talent pipelines to match corporate ambitions will require more than symbolic gestures.
Another elephant in the room is regional equity. While Bhubaneswar’s Infovalley and Jajpur’s new STPI centre grab headlines, Odisha’s hinterlands — plagued by poverty and underemployment — risk being left behind. The conclave’s emphasis on Tier-II cities like Koraput and Keonjhar is promising, but India’s tech hubs have a patchy record of decentralizing growth. Bengaluru’s infrastructure collapse under its own IT success is a cautionary tale. Will Odisha’s GCC (Global Capability Centre) parks and FinTech clusters uplift small towns, or merely create islands of prosperity in a sea of neglect?
Odisha’s recent shift in political leadership, after decades of BJD rule, adds a layer of uncertainty. Can bureaucratic momentum outlast electoral cycles? MoUs, after all, are not binding contracts but expressions of intent. India’s business history is littered with signed agreements that evaporated amid regulatory hurdles or political apathy.
Yet, skepticism mustn’t overshadow genuine potential. Odisha’s workforce — highlighted by Modi’s anecdote of Odia migrants’ grit in Gujarat — is its ace. The state’s literacy rate (77% as per 2023 data) outpaces the national average, and partnerships with institutions like IIT Bhubaneswar could catalyze R&D-driven growth. The focus on electronics manufacturing and GCCs taps into global trends of supply chain diversification post-COVID. If Odisha can avoid the “resource curse” by prioritizing value addition over raw exports — for instance, refining bauxite into high-end aluminum products rather than shipping ore — it could rewrite its economic script.
In essence, the Utkarsh Conclave is a high-stakes gamble. It invokes the spirit of the Kalinga Empire’s traders but must navigate 21st-century realities- climate imperatives, social equity, and the fickleness of global capital. The Rs5 lakh crore figure is a headline grabber, but the true measure of success will lie in how many livelihoods are elevated, how many villages gain connectivity, and how many graduates find jobs beyond gig economies. Odisha’s moment of reckoning has arrived, but wings built on corporate promises alone may not withstand the winds of reality. The state must soar — but with eyes wide open.
(Jayajit Dash is a compelling content writer who revels in writing at the intersection of technology and policy ecosystems, has the flair to project emerging technologies in an intelligible light for the benefit of the lay reader. He is currently engaged as a Senior Manager (Corporate Communications) with Bhubaneswar-headquartered IT consulting company CSM Technologies.)
