Dikhyaa Mohanty 
Indian Oil Corporation Limited (IOCL) and Odisha Industrial Infrastructure Development Corporation (IDCO) signed a memorandum of understanding (MoU) to build a plastic park at Paradip with an investment of Rs 106 crore.
As per the report, the recommended park project will come up with around 120 acres of land, and around Rs, 106 crore investments will be done. The MoU was signed through video conferencing in presence of Chief Minister Naveen Patnaik and Union Petroleum Minister Dharmendra Pradhan.
Even Indian Oil proclaimed a specific strategic incentives scheme to draw investments in downstream polymer industries at Paradip Plastic Park.
The report further stated the CM Patnaik stated that Paradip Plastic Park will be a very good initiative for the downstream plastic industry. The initiative will boost the petrochemicals and plastic infrastructure as well as auxiliary industries and MSMEs in Odisha as well as Eastern India.
During the session Union Petroleum stated that the Government of India has initiated the cluster development of the industry through its plastic park scheme to keep the enterprise and employment generation as the potential of the plastic sector as the most vital decision. As of now, six such parks have been approved with Paradip Plastic Park being one of them.
He further added that Odisha would become the nerve center of industrialization through rapid development in the petrochemical, chemical, polymer, textile, and fiber sectors.
An incentive of Rs 2000/MT on Polypropylene granules from Paradip Refinery shall be offered to the manufacturing units located in the Paradip Plastic Park till March 31, 2030. Around 26 units will come up with plastic and will produce direct and indirect employment of 6,000.
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