Tamil Nadu Chief Minister Unveils New Industrial, MSME Policies
Tamil Nadu Chief Minister K Palaniswami on Tuesday launched new industrial and MSME policies aimed at providing further impetus to the industrial growth by attracting more investments and also offering sops for development in the industrially backward districts.
Through the new Industrial Policy 2021, the government targets to attract Rs 10 lakh crore investments in four years and create employment opportunities for 20 lakh people by 2025 in the state.
Besides achieving an annual growth rate of 15% in the manufacturing sector during the policy period, it has set a target to increase the contribution of the manufacturing sector to 30% of Gross State Value Added by 2030.
The scope of projects extends to industrial units, sunrise sectors, R&D projects, industrial park developers, warehousing and logistics and FDI investments (relocation projects).
Among the numerous benefits, the policy encourages investors to choose their structured incentive package model providing higher flexibility. Apart from encouraging balanced regional industrial development, it encourages higher participation of women, differently abled and transgenders in the workforce, according to the policy document.
The Micro, Small & Medium Enterprises Policy targets new investments worth Rs 2 lakh crore and job opportunities for 20 lakh people by 2025.
Speaking on the occasion, the chief minister said the Industrial Policy would further reinforce Tamil Nadu as an ideal global investment destination while the MSME policy would give a further fillip to entrepreneurs in the next five years.
"Several concessions including land at 50% discounted price, will be provided to the entrepreneurs starting ventures in the 22 industrially backward districts, including the southern districts, Dharmapuri, Perambalur and Nagapattinam," Palaniswamai said.
The MSMEs capital subsidy will be increased to Rs 1.5 crore from the present Rs 50 lakh, he said. The state has attracted a total investment of Rs 6.85 lakh crore in ten year period, he added.
Meanwhile, the chief minister laid foundation stones for six industrial estates of Tansidco in various districts that would help generate employment to 13,300 people, besides Sipcots four new industrial parks on an extent of 3,977 acres at Manapparai, Manallur, Oragadam and Dharmapuri. He also inaugurated eight completed projects with an investment of Rs 3,377 crore and an employment potential for 7,139 people, an official release said.
Totally 46 projects for an investment of Rs 33,465 crore that would ensure jobs to 2,19,714 people were launched. Also, MoUs for 28 projects entailing an investment of Rs 28,053 crore were signed, it said. These projects, including a Rs 4,684 crore project to manufacture mechanical enclosures for mobiles phones by Tata Electronics project in Krishnagiri, announced earlier will create employment for 68,775 people, the release added.