Govt sop to TN for new industries

In a bid to boost industrial investment in developing southern distrits of Tamil Nadu, the Government of India has relaxed norms providing special incentives for industrial investment of over Rs 50 crore as against the earlier limit of Rs 250 crore.

Welcoming the government’s initiative, the Confederation of Indian Industry (CII) in Tamil Nadu State Council said that this renewed focus towards the industrial development of southern districts would ensure balanced regional development across the state.

CII Tamil Nadu State Council Chairman Manikam Ramaswami said that the southern districts contribute over 20 per cent of state gross domestic product (SGDP) and has the potential to lead Tamil Nadu to the forefront on industrial development.

The CII SPEED (Southern Prosperity through Enhanced Economic Development) initiative had put the spotlight on promoting and empowering the southern districts of the state for both industry and government.

The state government offer to give incentives to investors setting up industrial projects in southern districts based on a lower limit will help to create balanced growth, CII said.

“Similarly the focus on lesser known districts around Chennai will ensure equitable growth and reduce concentration of industrial activities around specific industrial centres,” Ramaswami said.

He further added that the move to prioritise employment in such new ventures to local people is a welcome step in this direction.

CII strongly believes that the government’s move to develop industrial parks in Tuticorin and Thirumangalam will open new windows of opportunities to both local and multinational companies looking at the state as a preferred investment destination.

The government announcement to deepen the draught in Tuticorin Port to enable entry of larger cargo carriers is timely as this will help more mother vessels to call on our ports, CII stated.

It further said that this will ensure elimination of cargo getting transhipped at Colombo and would result in saving time and money for the exporters in southern Tamil Nadu, especially the textiles and granite exporters.