Oil minister meets Odisha CM over IOCL impasse -Governance Now

Oil minister meets Odisha CM over IOCL impasse

Pradhan says it is important for Odisha to incentivise the expansion plans of IOCL to create petrochemical and downstream industries in the state

GN Bureau | August 21, 2017

#PSU #IOCL #tax #Odisha #Dharmendra Pradhan #Naveen Patnaik

In order to resolve a tax-dispute between Indian Oil Corporation Limited (IOCL) and government of Odisha, a meeting was held between minister of state (I/C) for petroleum & natural gas Dharmendra Pradhan and Odisha chief minister Naveen Patnaik in New Delhi.

During the meeting, Pradhan was of the view that though Odisha had extended the tax concession in 2004, there was a necessity of finding an amicable solution to the present impasse keeping in view the fiscal health of the state and commercial interest of IOCL. He stressed on the need for finding an amicable solution, wherein both IOCL and the state government can work out a mutually acceptable solution by climbing down from their stated positions.

Pradhan was of the opinion that it was important for Odisha to incentivise the expansion plans of IOCL to create petrochemical and downstream industries in the state.

Over a period of time, it will enable Odisha to increase its revenue and also create additional employment avenues for the youth of the state. This will lay the foundation of a new industrial ecosystem, facilitating industrialisation and fiscal consolidation. This is in keeping with the vision of the prime minister to provide adequate resources for development and industrialisation of eastern India, including Odisha.

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