TN to attract Rs 300,000-mn investment by Dec

Chennai: Aggressively targeting investments, diversifying the industrial base, employment-based incentives and a new IT policy were among the policy directions spelt out for the industrial development of Tamil Nadu by the State Government.

Responding to the debate on the demand for grants to the Industry Department, the Local Administration Minister, Mr M.K. Stalin, said that the State Government has set for itself a target of attracting over Rs 30,000 crore in investment to the State by December this year. This would be through 25 investment proposals.

The Government has signed 14 MoUs totalling investments of over Rs 18,483 crore, generating 1.49 lakh jobs. The State Government has set a record of sorts by approving over 13 industrial projects totalling investments of over Rs 17,400 crore with potential to generate over 18,750 jobs directly at the cabinet meeting on April 29, he said.

To spread the benefits of investments across the State, including to the South and West, and encourage investments in rural areas, the Government has come out with a structured package of incentives specifically for investments in the South and incentives for investments in areas other than Chennai, Thiruvallur and Kanchipuram.