The Tamil Nadu government has categorised specialty chemicals and petrochemicals as sunrise sectors to extend financial support through additional incentives and has leveraged investments for setting up three large petrochemical projects in Thoothukudi, Nagapattinam and in Cuddalore. This will ensure supply of all required feedstock to strengthen and position the State as the petrochemical investment destination, said Industries Minister Thangam Thennarasu.
“These projects also create an immense potential for downstream investment opportunities from large to smaller companies to be a part of our growth story,” he said while addressing the summit on “Global Chemical and Petrochemical Manufacturing Hubs in India” in Delhi on Thursday. Tamil Nadu is the 3rd largest contributor to the country’s chemical output housing more than 2,500 chemical industries with a strong chemical industrial ecosystem, he said.
To further strengthen the ecosystem, the State government has established the Tamil Nadu Polymer Park spread across 306 acres near Chennai to cater to the needs of plastic manufacturing and logistics and has proposed to establish a pharmaceutical park and a textile park in the State.
The government is also strengthening the cross-country and city gas distribution pipeline to ensure feedstock availability and is increasing the availability of industrial water by establishing tertiary treated reverse osmosis and desalination plants in various districts, he said.
“Our government is delivering uninterrupted power supply to most of the industrial establishments. We have taken initiatives to advocate clean energy to increase power generation through renewable energy sources such as solar and windmills,” he said.
“Tamil Nadu is the most progressive and industrialised State in India with the second highest regional GSDP. The State offers the best in infrastructure needed for any industry to thrive in, including chemical and petrochemical industries,” he stated.
Investor-confidence in the State and in the government has ranked Tamil Nadu number one in the country on the post Covid investment scenario leveraging investments over ₹1 lakh crore. “Being the national leader in good governance, we are striving further to improve the business ecosystem in the State,” he said.
Investor-confidence was further showcased two days ago in Coimbatore where over 50 large companies committed to invest in projects worth over ₹33,000 crore with an employment generation for 75,000 people. The strategic location of the State complemented by its excellent logistics infrastructure including 5 large commercial ports and 4 international airports, 32 Giga Watts installed power capacity, industry-friendly policies and a proactive government that understands the business requirements, provides the investors the most profitable platform to establish their operations in Tamil Nadu, he said.
“The aspiration of our government is to make Tamil Nadu a $1 trillion economy by 2030. We understand that chemicals and petrochemicals are the feedstock for every industry and this sector plays a vital role in the states industrialisation, making Tamil Nadu the manufacturing and economic powerhouse,” he said.