Naveen Patnaik says over 4 lakh crores of committed investments under implementation in Orissa

The Investor Day celebrated in Orissa being conducted in the partnership with the Ministry of Corporate Affairs, Government of India on Saturday .

The Chief Minister Naveen Patnaik said that Over the past decade, Orissa has seen significant investments in the industrial sector. At present, we have over four lakh crores of committed investments under implementation at various stages.

A number of companies have set up their industrial establishments and offices in the State and more are expected in the near future. All these investments provide an avenue for the people of the State to participate in this process of wealth creation. Traditionally the people in Orissa as in many other parts of the country have been primarily cultivators and farmers.

Even now, more than 70 percent of the population is dependent on agriculture. In industrialized countries, this percentage of population has reduced to less than 10 percent. Change is coming to Orissa too and a large number of young people will be able to find employment in the new projects coming up all over the state.

The Chief Minister said Setting up of those new projects also provides the people an alternative means of investment apart from the conventional modes that have been available so far. However, for a new investor, it is necessary to have at least a rudimentary knowledge of the capital markets so that the investor does not take any avoidable risk. Stock markets, being a new area, have led to a large number of investors making ill informed decisions often leading to catastrophic results.

On the other hand, capital markets also provide an excellent vehicle for investment, for small an amount of money, which is often not possible in other modes of investments such as in land. Capital markets also provide a natural edge against inflation since the value of the stocks and the dividends automatically take into account the inflation rates.

He said It is in this context that todays seminar for spreading investor awareness has been organized. Information is the key to capital markets and the release of the Oriya translation of the two books today- "The Investors Guide to the Capital Market" and "The Beginners Guide to the Capital Market" will go a long way in sensitizing and making people aware regarding the unpredictability of the capital markets.

Major efforts are currently underway for financial inclusion. The increase in penetration levels of banks in rural areas, introduction of correspondent banking and the development of micro finance through Self Help Groups is being monitored at different levels. In Orissa, we have Mission Shakti, the Self Help Group movement which has empowered the rural women and has enabled poor women mainly from rural areas to be financially more secure. While stock markets provide another such mechanism for financial security, people need to be aware of the pitfalls before making investments in stocks and bonds. I am happy to see that different organizations including stock brokers, mutual funds and financial advisors are participating in this seminar. I am sure they will help improve the general level of awareness regarding stock markets and capital markets. I am sure that the Oriya version of the website that has been launched today on the Investors Education and Protection Fund would be extremely helpful for new investors and learn about the various provisions available for protection of the interests of the investors as well as providing information about the capital markets.

The Union Corporate Affairs Minister Salman Khursid said, with this type of workshops, the Govt. aims at converting the capital market into an investors market where the common people of the country are involved. We must continue to enhance the financial democracy, he emphasized. He informed that the Govt. has organized 3000 such workshops in India to promote awareness among common citizens.

Among others, State Planning & Coordination Minister Shri A.U. Singh Deo, Union Corporate Secretary Shri R.Bandopadhyaya and State Industry Secretary Sourav Garg attended.

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