February 23, 2014

Tamil Nadu unveils new industrial policy, Vision 2023

Seeking to give further fillip to industrial growth by attracting greater investments, Tamil Nadu Government on Friday unveiled a new industrial policy, an exclusive policy for automobile sector and the phase-II Vision 2023 document.

Chief Minister J Jayalalithaa, rolling out the new policy initiatives at a function in Chennai also witnessed signing of 16 MoUs between MNCs and the state envisaging a total investment of Rs 5,081 crore. This is the second major initiative unfolded by the State Government after AIADMK returned to power. The government had released the Vision-2023 document in March 2012, setting a target of attracting investments to the tune of Rs 15 lakh crore. Jayalalithaa also unveiled Automobile and Auto-components Policy, the Biotechnology Policy and also launched a new website for the Tamil Nadu Infrastructure Development Board.
She said her government would strive to ensure double digit industrial growth rate in the coming years, from the existing 6.13 per cent and added that the experts' concerns in the first volume of Vision 2023 document has been addressed in the Phase-II document. She said 17 MoUs were signed between the State Government and MNCs for investments worth Rs 26,000 crore soon after releasing the Vision 2023 document. With the signing of on Wednesday's 16 MoUs to bring in investments of Rs 5,081 crore, the total MoUs signed rose to 33, envisaging total investments of Rs 31,706 crore with capacity to generate 1.60 lakh jobs.