'Reworking elements' of new industrial policy, says Paneerselvam

Chennai: Tamil Nadu government on Sunday said it was "reworking elements" of the New Industrial Policy, launched in 2014, to keep in tune with developments, including the latest Goods and Services Tax (GST), rolled out in July.

"The New Industrial Policy was launched in 2014. We are reworking elements of the Policy, to keep in tune with the latest developments, including the introduction of GST," Deputy Chief Minister O Panneerselvam said.

He was speaking at the UEF Trade Summit here.

The New Industrial Policy was launched in 2014 by late Chief Minister J Jayalalithaa, with a focus on making the state an investment hub in the subsequent years.

Panneerselvam said the effort was to not only retain the state's 'lead' in sectors it was strong in, but also to make a "breakthrough in emerging and sunrise sectors."

"Hence, we have fine-tuned sector specific policies for Auto and Auto Components and Bio-technology... and the draft policy for the Aero Space and Defence manufacturing is in an advanced shape of finalisation," he added.

Pegging Tamil Nadu as a favourable investment destination, he said it was ranked third in attracting Foreign Direct Investment (FDI).

The government recently promulgated the Business Facilitation Ordinance, which will make it 'much easier' for industries to obtain different types of clearances, he said.

Chief Minister K Palaniswami recently launched a single window portal to enable "one-stop clearances for industries--both large units and also MSMEs," he added.

On the power sector, he said it has witnessed a 'revolution.'

"Power availability is crucial for industry. The power sector in Tamil Nadu has witnessed a revolution in the past six years. Chronic power shortages were a legacy in May 2011. Today we have completely eliminated power shortages and Tamil Nadu is a power surplus state," he said.