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Tamil Nadu unveils new industrial policy

Our Bureau Chennai | Updated on February 16, 2021

Aims to attract investments worth over ₹10-lakh crore by 2025

Tamil Nadu on Tuesday announced its new industrial policy to provide further fillip to the industrial growth in the State by attracting more investments.

Tamil Nadu Industrial Policy 2021-2025, which was unveiled by the State Chief Minister Edappadi K Palaniswami, aims to achieve four key objectives — to attract investments worth over ₹10-lakh crore ($135 billion) by 2025, achieve annual growth rate of 15 per cent in the manufacturing sector during the policy period, increase contribution of manufacturing sector to 30 per cent of the State’s economy by 2030 (currently 25 per cent), and create employment opportunities for about 20 lakh people by 2025.

The vision of the new industrial policy is to make Tamil Nadu a numero uno destination to invest, innovate and create products and associated services.

The policy focusses on industrial units, sunrise sectors, R&D projects, industrial park developers, warehousing and logistics, and FDI investments (relocation projects). It will encourage sunrise sectors with additional incentives. It will also support R&D projects in the State to strengthen Tamil Nadu’s position as an R&D hub.

“The new industrial policy has been designed to provide incentives for companies that provide jobs to transgender people and differently-abled,” said Palaniswami during the unveiling of the policy.

MSME policy

The Chief Minister also unveiled a new MSME Policy to make Tamil Nadu the most vibrant ecosystem for MSMEs/startups. The policy has set a target of attracting new investments worth ₹2-lakh crore by 2025 and create additional employment opportunities for 20 lakh people.

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Published on February 16, 2021
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