Tamil Nadu will implement a Metro Rail project in Coimbatore city along Avinashi Road and Sathyamangalam Road, at an estimated cost of Rs 9,000 crore.
Coimbatore City, known as the Manchester of South India, is one of the fastest growing Tier-II cities in India. It is a centre for economic activity, including textiles manufacture, trade, commerce, technology, medical facilities and manufacturing. The metro project will be taken up keeping in view the growth potential of the city, Finance Minister Palanivel Thiaga Rajan said in his budget speech in the state Assembly on Monday.
The State government has also allocated Rs 10,000 crore towards the 119-km-long Phase-II of the Chennai Metro Rail Project . , which is being undertaken at a cost of Rs 63,246 crore. The first stretch of the elevated corridor from Poonamallee Depot to Kodambakkam Powerhouse is expected to be commissioned by December 2025, he said.
The Government intends to double the installed capacity for power generation by adding 33,000 MW by 2030, giving priority to development of renewable energy sources.
The present contribution of green energy to the State grid at 20.88 per cent is proposed to be increased to 50 per cent by 2030 through additional capacity creation.
With solar energy potential of 20 GW, onshore wind energy potential of 70 GW, and offshore wind energy potential of 30 GW, Tamil Nadu has immense renewable energy resources and opportunities.
The Government will create a dedicated Special Purpose Vehicle to transform Tamil Nadu into a green powerhouse, with more than 50 per cent of power generation from renewable sources by the year 2030. Further, a new policy on repowering windmills in the State will be evolved, he said.
Due to structural and systemic reforms, the fiscal position of TANGEDCO has improved slightly and it is expected that losses will be reduced to Rs 7,825 crore in 2022-23 from Rs 11,955 crore in 2021-22. An allocation of Rs 14,063 crore has been provided in the Budget Estimates towards various subsidies provided to TANGEDCO, he said.
To promote Tamil Nadu as a global hub for IT/ ITeS and to meet the increasing demand for quality office space, the Government will establish ‘Tamil Nadu Tech City (TNTech city)‘ in Chennai, Coimbatore and Hosur. To facilitate functioning of IT/ ITeS, GCC, FinTech and Startups, the TN Tech city will house a centre of excellence, innovation plaza, convention centres, recreation facilities and other necessary infrastructure, he said.
The Government will launch the ‘Simple Gov’ initiative towards this end. As part of this initiative, digitisation of various services and internal processes of Government departments is being taken up expeditiously.
To ensure compliance with standards and time-bound development of software, an e-Governance fund of Rs.100 crore will be created. The fund will be utilised to finance key e-Governance initiatives of government departments, he said.
Tamil Nadu has been attracting substantial investments in the last two years. Since May 2021, a total of 221 MoUs have been inked for investment commitments worth Rs 2,70,020 crore, with employment opportunities for 3,89,651 persons.
To consolidate the benefits from these investments, guided by the vision to steer Tamil Nadu towards a one trillion-dollar economy by 2030, the next Global Investors’ Meet (GIM) will be organised in Chennai on January 10 and 11, 2024. An allocation of Rs 100 crore has been made for the meet, he said.
This Government is committed to ensuring balanced industrialisation of all parts of the State. Among the MoUs signed recently, 85 projects will be set up in industrially backward districts, with an investment commitment of Rs 1,44,028 crore and employment potential for 2,14,478 persons.