Business and Economy of Balasore

When compared to other regions Balasore has witnessed impressive economic growth in last two decades.Thanks to industrial friendly policies of Odisha government that has made it favored investment zone. There are four main sources of revenue in Balasore. They include industries, agriculture, fishing and tourism. Coming forth as Odisha’s business-oriented city, Balasore proves its ability in both agricultural and industrial areas of revenue generation.

Business Growth in Balasore

Balasore city maintains its proximity with roadways of national importance and is connected with NH-5 and other main state highways. The National Highway – 60 is being widened into four lines for better transport convenience and connects places of prime importance like Jaleswar and West Bengal to Balasore. This ensures timely transportation of raw materials as well as goods, thus encouraging business.

Agriculture in Balasore

Agriculture is the chief means of livelihood for the people of Balasore. The strategic location of the city alongside the coast, enriched with alluvial soil adding to the soil fertility and its hot, humid climate with perennial rivers running along the entire length makes it the apt for the cultivation of coconut, betel, paddy and rice crops. The wastelands in the region are also being treated and used for agriculture. This has provided a boost to the agricultural production in Balasore, thus boosting the economy.

Fishing Industry in Balasore

Economic Profile of Balasore

Fishing is an important part of Balasore economy. Fishing companies have been established along all the coasts of the city of Balasore. Many companies are focused on manufacturing fishing equipments that are exported as well. This industry is swelling at an astounding speed due to the proximity with the city and other fresh-water sources in the form of the perennial rivers flowing throughout the state of Odisha.

Tourism Industry in Balasore

The tourism at Balasore is an upcoming industry which contributes significantly towards the economy of the city. The city attracts lakhs of tourists annually with its vast numbers of temples, beaches and a strong historical background. The main temples include those at Remuna, Sajangarh, Ayodhya, Langaleshwar, Laxmannath, Jhadeswar, Maninageswar, Kupari and Tipisagadia. Beautiful beaches situated all along the Balasore district prove to be great tourist attractions. The entrancing breeze, wild green creepers, calming oceanic currents and the receding waves – this imagery marks the coasts of Balasore. A variety of fishing harbors and sand dunes spread across the coast lines can be witnessed in beaches such as the Kashaphal Beach. Chawmukh and Dagara offer wonderful sights of silver sands and red crabs to let you enjoy the place. Kharasahapur is a smooth sandy beach, famous for its ferries where one can enjoy an escapade of fishing with the locals.

Industries in Balasore

Presence of large number of industrial units, makes it a strong economic pillar of Odisha. The industrial units have been classified as large scale, medium scale and small scale industries based on their level of expansion and capital employed. The major large scale industries deal with alloys, pharmaceuticals, paper mills, tyres while the middle and small scale consist of companies like plastic processing, rubber, tubes and fittings, biscuits manufacturing and ocean systems for export of fishing lines and nets.

Industrial Growth in Balasore

Industrial Units in Balasore

M/s Birla Tyres
At.Bampada,Po.Chhanpur, Balasore

M/s Emami Paper Mills Ltd.
Balgopalpur Indl.Area
Po. Rasalpur, Via. Mitrapur

M/s Balasore Alloys Ltd.
Balgopalpur Indl. Area
Po. Rasalpur, Via. Mitrapur

M/s Polar Pharma India Ltd.
Plot No. 3 Samonathpur Indl. Area, Po. Remuna, Bls.

M/s GMB Ceramics Ltd.
Somanathpur Pur Indl.Area
Po. Remuna, Balasore

M/s Stork Ferro Alloys
IID Somanathpur, Remuna, Balasore

M/s Alom Extrusion Ltd.
Ganeswarpur Indl. Area, Po. Januganj, Balasore

B & A Packaging India Ltd.
22, Balgopalpur Indl.Area,Po. Rasalpur,

M/s Jaikishan Dass Mall Jute Products Pvt. Ltd.
At/Po. Rupsa, Balasore

Alupur, OT Road, Balasore

M/s Hari Udyog
Kuruda, Remuna, Balasore

M/s ORIPOL Industries
Remuna, Balasore

M/s ECP Industries
IE, Balsore

M/s Orissa Rubbers
Alupur, OT Road, Balasore

M/s S. L Gupta & Sons
Gadagadia Chhak, Balasore

M/s Neelanchal Metals
IE, Balasore

M/s Aruf Steels
Sergarh, Balasore

There are many factors that give enough scope to Balasore, to emerge as a great business hub.Apart from several of the Government institutions set up to promote industrial development further focusing on economic growth, a number of private entrepreneurial practitioners have come forward, accentuating the much needed industrial growth essential to improve the economic scenario and provide employment opportunities to locals as well as increase the quantum of export in Balasore.

Although Odisha’s major population thrives on agriculture and cultivation, industrial sector acts as the center of the economic development in the city of Balasore. Many agencies like the District Industries Centre (DIC) have been established for promotion of all types of industries, be it small, medium or large scale. Such agencies have a huge hand in promoting the handicraft and cottage industries in this area. The DIC provides single window facilities to the entrepreneurs interested in setting up Small Scale Industrial Units in and around Balasore. They also assist them in getting financial aids, IDCO/Government land, rare to procure raw materials, power and marketing.

The state government of Odisha is soon to sign a Memorandum of Understanding (MoU) with Software Technology Parks of India (STPI) for setting up a STPI complex at Balasore, considered to be the economic and industrial hub of the northern part of Odisha. The Odisha government has sanctioned 10,000 square feet of space for STPI, three acres of land and one crore rupees as grant. In addition, it has set aside three crores for STPI establishment in the state’s annual budget.

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