Top 10 Business Ideas In Odisha – Odisha has been an economy based heavily on agriculture for centuries. However, with a large coastline and ancient history attached to the state, other business opportunities are flourishing apart from agricultural related businesses. In recent years, the government of Odisha has put great efforts in revamping the coastlines and ensuring that the places are tourist-friendly to attract people.
Due to the increase in tourism in the state, and the state has been recognized for other activities, small businesses have started to flourish in Odisha. While tourism may be the main reason for this development, secondary businesses that complement tourism, such as restaurants, hotels, transportation, are seeing great success.
Top 10 Business Ideas In Odisha
To give impetus to businesses in Odisha, the government has also introduced some reforms and concessions to boost business opportunities in this state.
Top 15 Most Profitable Startup Ideas In Odisha With Low Investment
This list will cover small and medium enterprise business ideas that do not require large capital, and the risks associated with these businesses are also low. These are small scale business ideas that can grow over time with success.
There is a huge demand for candles in Odisha. Also, the raw materials needed to make candles are abundant in the local market, making it easier to start this business. The demand for candles in this state is very high, from traditional white candles to long candles for religious purposes and for decoration.
You don’t need a workshop or office to start the business. You can start the business from the four corners of your home and get in touch with retailers. You can also venture into candles for gift purposes and scented candles. Once you have a strong customer base, you can expand your business, hire employees and move to a workshop.
The investment required to make candles is low because you just need the raw materials for wax, wicks and simple packaging solutions. No investment is required for machinery or special equipment and you do not need prior knowledge to start this business.
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Odisha is known for its ancient history, handicrafts and handicraft business. It also has a large tribal population that has kept its roots and still practices its way of life and art. The demand for these crafts is national and international. Entering the craft business is a good start for someone looking to start a new venture.
The state is rich in pottery, handicrafts, earthenware and horn work. You can contact local artisans who do this and set up an online store for the first few days. Since doing business online is now an easy task, you don’t need to invest in a physical store. Also, having an online presence means your business can reach different parts of India and the world, and you can have customers from everywhere.
The initial investment in this business can be a little higher if you need to buy the goods from the artisans. Or you can make a contract with the artist, put the things online, and once they sell, you can make a small commission from it. Again, this requires no small investment.
Since Odisha has an excellent agricultural presence, there is waste from crops and other services that can be used to make jute bags. Since the jute material is scrap for the farmers, you can get the raw material for as little price as possible. Since they promote sustainable practices throughout the country, jute bags as an eco-friendly solution will start.
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You can contact local supermarkets and retail stores to keep your jute bags at checkout. In addition, standing out from the standard jute bags, you can add some designs on it, paintings on it and Odisha handicrafts stand apart. Since the bags require a daily goal, the demand will be high, and you will definitely see success.
The investment required for this business is on the low side, and as the business grows, you can expand to other verticals of packaging as well.
With historical places, a great coastline, diving options and visits to famous temples, the tourism industry in Odisha is picking up now more than ever. Since travel restrictions have loosened and people want to travel more, you can jump on this and create exciting travel packages. A state like Odisha has great travel plans offered right from old, middle and young people. So you can cater to all audiences.
You need to strike deals with good hotels, car rentals and places to eat, and once that is in place, you can offer travel packages with discounts. While the tourism sector is large, the state does not have clear guidelines and professional tourism activities. However, with a small boost, you can make this process easier for travelers and ensure your business is a one-stop shop for tourism-related activities.
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Since you are not providing a product, no initial investment is required. You just need good communication skills, good networking with hoteliers and the likes, and an online presence to gather the audience. Once your business grows, you can also get in touch with schools, colleges and major travel companies for corporate packages.
This is a small business with a large initial investment required, but we did not miss the opportunity. Odisha is one of the hottest states throughout the year. It receives a lot of sunlight that can be converted into solar energy. The government has also given an increase and concession for businesses in the renewable energy sector.
Odisha can be a good place to start your solar energy business with an investment amount or partnership with someone. You can provide electricity at lower rates and affordable rates, and with the success of the business, you can also expand over time.
Odisha is a prosperous and upcoming state, and starting a business now would be very beneficial for you as the economy opens up. Apart from the top five businesses mentioned above, some other good industries to start a business in are: 100 Business Opportunities in Odisha (Orissa). Business ideas for Bhubaneswar, Cuttack, Rourkela, Brahmapur, Sambalpur, Puri, Balasore, Bhadrak, Baripada, Jharsuguda, Bargarh, Dhenkanal, Barbil, Angul, Jajpur.
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Located in the eastern part of India, Odisha is the eighth largest state (area) in the country. It is home to the largest coastal lagoon in India (Chilika Lake). The state is also known for hosting one of the world’s largest chariot festivals (Rath Yatra). While the state capital Bhubaneswar is known as the ‘City of Temples’, it is also the sports capital of the country.
Odisha is the land where the legendary emperor Ashoka gave up his bloodlust for power and took up the ascetic life. Known for their love for pakhala (rice fermented in water), there is a rice institute in Cuttack, home of Netaji Subhash Chandra and home of the original ‘Dahi bara aloo dum’ (lentil balls fried in a curry-curd mixture).
It is surrounded by the states of West Bengal and Jharkhand in the north, Chhattisgarh in the west and Andhra Pradesh in the south. Odisha has a coastline of 485 square kilometers along the Bay of Bengal. The region is also known as Utkala and is mentioned in the national anthem of India. Earlier, Anantavarman Chodaganga made Cuttack the capital of the region until the British era till 1948. After that, Bhubaneswar became the capital of Odisha.
The expenditure for 2020-21 is estimated to be Rs 1, 50, 000 crore, an increase of 11% over the revised estimate of 2019-20. The revised expenditure for 2019-20 is Rs 4,000 crore (2.9%) below the budget estimate. The fiscal deficit for 2020-21 is targeted at Rs 17,878 crore (3% of GSDP). In 2019-20, according to the revised figures, the fiscal deficit is estimated to decrease by Rs 693 crore to 3.41% of GSDP, compared to the budget estimate of 3.49% of GSDP. The budget estimates a revenue surplus of Rs 9,509 crore (1.6%) in 2020-21.
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Odisha’s economy is still growing at a higher rate compared to the national growth. Over the last seven years, the average growth in Odisha has remained at about 8% as compared to the national average of around 6.9%. Despite a slowdown in the global and national economy, Odisha’s economy is expected to grow at a rate of 6.16 percent in 2019-20 well above the all India growth rate of 5%.
With the State Government’s policy to encourage industry and greater investment in the infrastructure sector as well as a focus on the social sector, it is estimated that the State economy will grow in the range of 7% to 7.5% during 2020-21.
To increase fish productivity and production a provision of Rs.16 crore has been proposed for the development of Brackish Water Aquaculture, Marine Fisheries, Intensive Aquaculture and Inland Fisheries. An allocation of Rs.60 crore has been proposed to support Farmer Producer Organizations (FPOs) in the fields of agriculture and allied sectors, food processing, warehousing and logistics sectors.
DICs must be strengthened and revitalized to eliminate existing bottlenecks and facilitate smooth functioning to address the needs of investors.
Invest Odisha: Investment Opportunities In Odisha (orissa)
Online incentive disbursement mechanism shall be developed and applicable incentives shall be disbursed in due course.
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