The State Government plans to set up a Tamil Nadu Investment Promotion Programme with assistance from the Japan International Cooperation Agency, said Finance Minister O. Panneerselvam in the Assembly today.
Presenting the Budget for 2013-14, the Minister said the Promotion Programme will enable policy changes to ease the bottlenecks faced by investors and correct infrastructural inadequacies.
It will encourage investment flow of around Rs 770 crore for investment in small and medium infrastructure projects over the next three years.
This is part of a programme to boost industrial investment.
The Minister said the Government will also come out with a special support package to stimulate the micro, small and medium enterprises sector.
Tamil Nadu is strong in a range of industries including automobiles, chemicals, petrochemicals, food processing and electronics, apart from new industries like software and biotechnology.
Land bank
The Government plans to create a 25,000-acre land bank for industrial use through the State Industries Promotion Corporation of Tamil Nadu to attract more industries.
A new ship building yard will be set up in Tuticorin by the Tamil Nadu Industrial Development Corporation under public-private partnership mode.
Paneerselvam said industrial growth will be broad based with a special incentive package for attracting investments in South Tamil Nadu.
A project to promote the Madurai-Tuticorin Industrial Corridor is in the pipeline. This envisages establishment of four manufacturing regions – agribusiness, business investment, rural tourism and knowledge hub – along the corridor.
The objective will be to attract investments of over Rs 190,000 crore over the next 10 years.