Tamil Nadu government to set up agency to attract foreign investment

DECCAN CHRONICLE.
Published Jun 14, 2018, 6:06 am IST
Updated Jun 14, 2018, 6:06 am IST
The CM said following the ban on plastics to be enforced from January 1, 2019.
Tamil Nadu government
 Tamil Nadu government

Chennai: Aiming to give a fillip to the Micro Small and Medium Enterprises (MSME) sector and also enhance their foreign investment opportunities, the Tamil Nadu government on Wednesday announced to form an industrial investment promotion agency for MSME.

Making a statement under rule 110 in the Assembly on Wednesday Chief Minister Edappadi K. Palaniswami said the proposed MSME agency will work towards attracting investment, besides ensuring foreign cooperation for the units. “It will function as a coordinating agency for providing single window clearance for MSMEs in Tamil Nadu, to enter into agreements with trade and industry bodies and those proposing investment policies,” he said.

 

Also, an Innovation Policy to enable the government promote innovative ideas and create entrepreneurs, would be rolled out in tune with the State government's Vision 2023 document envisaging a 11 per cent GSDP by that year, Mr. Palaniswami said. He also announced a subsidy scheme for research and development in the MSME sector.

Three industrial parks would be established in the State at Kannudayanpatti village in Manapparai in Trichy, at Tiruporur in Kancheepuram and at Pelakuppam village in Villuppuram districts at a total cost of Rs. 232.50 crore. The industrial parks would provide employment for 5,000 people each and the money would be spent by SIPCOT for developing basic infrastructure like roads, streetlights, planting tree saplings and establishing storm water drains.

To ensure proper business environment for entrepreneurs, Mr. Palaniswami announced the formation of Tamil Nadu Business and Entrepreneurship policy 2018-2023.

He also announced increase in subsidy from Rs 25 lakh to Rs 30 lakh for first generation entrepreneurs under the New Entrepreneurship-cum-Enterprise Development Scheme (NEEDS).

''Every year, 400 entrepreneurs will also be given Rs 5 lakh assistance in the form of knowledge transfer'', he said, adding, a sum of Rs 20 crore has been allotted for this purpose.

The CM said following the ban on plastics to be enforced from January 1, 2019, the Tamil Nadu Business and Entrepreneurship policy would be asked to find and promote alternatives business ventures to manufacture materials replacing plastics.





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