TN CM unveils new industrial, MSME policies

Tamil Nadu Chief Minister K Palaniswami on Tuesday launched new industrial and MSMEpolicies aimed at providing further impetus to the industrialgrowth by attracting more investments and also offering sopsfor development in the industrially backward districts.

Through the new Industrial Policy 2021, the governmenttargets to attract Rs ten lakh crore investments in four yearsand create employment opportunities for 20 lakh people by2025 in the state.

Besides achieving an annual growth rate of 15 per centin the manufacturing sector during the policy period, it hasset a target to increase the contribution of the manufacturingsector to 30 per cent of Gross State Value Added (GSVA) by2030.

The scope of projects extends to industrial units,sunrise sectors, R & D projects, industrial park developers,warehousing and logistics and FDI investments (relocationprojects).

Among the numerous benefits, the policy encouragesinvestors to choose their structured incentive package modelproviding higher flexibility Apart from encouraging balanced regional industrialdevelopment, it encourages higher participation of women,differently abled and transgenders in the workforce,accordingto the policy document.

The MSME (Micro, Small & Medium Enterprises) Policytargets new investments worth Rs 2 lakh crore and jobopportunities for 20 lakh people by 2025.

Speaking on the occasion, the chief minister said theIndustrial Policy would further reinforce Tamil Nadu as anideal global investment destination while the MSME policywould give a further fillip to entrepreneurs in the next fiveyears.

''Several concessions including land at 50 per centdiscounted price, will be provided to the entrepreneursstarting ventures in the 22 industrially backward districts,including the southern districts, Dharmapuri, Perambalur andNagapattinam,'' Palaniswamai said.

The MSMEs capital subsidy will be increased to Rs 1.5crore from the present Rs 50 lakh, he said.

The state has attracted a total investment of Rs 6.85lakh crore in ten year period, he said.

Meanwhile, the chief minister laid foundation stones forsix industrial estates of TANSIDCO in various districts thatwould help generate employment to 13,300 people, besidesSIPCOTs four new industrial parks on an extent of 3,977 acresat Manapparai, Manallur, Oragadam and Dharmapuri.

He also inaugurated eight completed projects with aninvestment of Rs 3,377 crore and an employment potential for7,139 people, an official release said.

Totally 46 projects for an investment of Rs 33,465 crorethat would ensure jobs to 2,19,714 people were launched.

Also, MoUs for 28 projects entailing an investment of Rs28,053 crore were signed, it said.

These projects, including a Rs 4,684 crore project tomanufacture mechanical enclosures for mobiles phones by TataElectronics project in Krishnagiri, announced earlier willcreate employment for 68,775 people, the release added.