Tamil Nadu unveils new industrial policy
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.
Highlights
It is released with an objective to attract investments worth Rs 10 lakh crore.
It also aims at providing employment opportunities to over 20 lakh people by 2025.
Chennai: Tamil Nadu Chief Minister Edappadi K Palaniswami released the state s Industrial Policy 2021, with an objective to attract investments worth Rs 10 lakh crore and employment opportunities for 20 lakh people by 2025. It also talks about achieving an annual growth rate of 15% in the manufacturing sector and increasing the contribution of the sector to 30% of the state s economy by the end of the decade.
28 MoUs were signed with a cumulative investment of Rs 28,053 crores, with an employment potential for 68,775 persons. The investments span across domains such as electric vehicles, renewable energy, electric vehicles, auto components, FMCG, industrial parks among others. Over 10 of the 28 firms who signed the MoUs are from abroad, some of the notable names include BASF Germany, Reckitt Benckiser UK,
Tamil Nadu today announced its new Industrial Policy 2021 with an aim to garner investments worth about Rs 10 trillion by 2025. The state s Chief Secretary, Rajeev Ranjan, said the objective of the policy is to attract investments worth Rs trillion and create employment opportunities for two million by 2025. The Policy also aims to raise the contribution of the manufacturing sector to 30 per cent of the State s economy by 2030. Ranjan said Industrial policy 2021 aims to achieve an annual growth rate of 15 per cent in manufacturing. Tamil Nadu also announced MSME Policy 2021, which has set a target to attract new investments worth Rs two trillion in the sector by 2025 and create additional employment opportunities for two million people.
Updated:
Cabinet approves Tamil Nadu Industrial Policy 2021
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Cabinet approves Tamil Nadu Industrial Policy 2021
The Tamil Nadu Cabinet on Friday accorded approval for 34 major proposals for investments to the tune of ₹52,257 crore in the State. The Cabinet meeting, chaired by Chief Minister Edappadi K. Palaniswami at the Secretariat, also cleared the Tamil Nadu Industrial Policy 2021, which will be unveiled soon.
The investments are likely to create over 93,000 jobs in the electronics, automobile and auto components sectors, including electric vehicles and solar cell manufacturing, according to an official release. “The incentive packages have been customised to suit the requirements of each investor,” it said. The government had entered into facilitation memoranda of understanding (MoUs) with some investors to enable them to undertake preliminary works. “Now, with the Cabinet approval, detailed legally binding MoUs will be executed,” the release sa