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Thursday, February 25, 2021

Tamil Nadu releases new MSME policy, 28 MoUs worth over Rs 28,000 crore inked

As per the media release, a total of 28 MoUs were signed with a cumulative investment of Rs 28,053 crores with an employment potential for 68,775 persons.

By: Express Web Desk | Chennai |
Updated: February 17, 2021 8:32:16 am
Minister for Industries M.C. Sampath, Minister for Rural Industries P. Benjamin, Chief Secretary Rajeev Ranjan and several business leaders participated in the grand event held in Chennai.

Tamil Nadu Chief Minister Edappadi K Palaniswami Tuesday released the new Industrial and MSME policies. The objective of the new Industrial policy is to achieve an annual growth rate of 15 per cent in the manufacturing sector, attract investments worth Rs 10 lakh crore and create job opportunities for 20 lakh people by 2025. It also aimed to increase the contribution of the manufacturing sector to 30 per cent of the state’s economy by 2030.

Minister for Industries M.C. Sampath, Minister for Rural Industries P. Benjamin, Chief Secretary Rajeev Ranjan and several business leaders participated in the grand event held in Chennai.

The new MSME policy was announced to make Tamil Nadu the most vibrant ecosystem for MSMEs/Startups. The policy has set a target to attract new investments worth Rs 2 lakh crores in the sector by 2025 and create additional employment opportunities for 20 lakh persons.

As per the media release, a total of 28 MoUs were signed with a cumulative investment of Rs 28,053 crores with an employment potential for 68,775 persons. These investments are across various sectors, including Electric Vehicles, Wind Energy, Auto Components, City Gas, Textiles amongst others.

Some of the major investors include a Rs 7,948 crore investment by Elest Private Limited responsible for the manufacturing of cell, battery, E-bus and E-truck which aims to provide employment to 8,081 people. A Rs 4,684 crore investment by Tata Electronics in Krishnagiri to make mechanical enclosures for mobile phones with the possibility of creating job opportunities for 18,250 people. Singapore-based AG & P’s project worth Rs 2,430 crore and Rs 1,423 crore investment by SunEdison are some other big ticket investments.

The Chief Minister also inaugurated eight completed projects at an investment of Rs 3,377 crores, which have the potential to create employment for 7,139 persons. A four-wheeler manufacturing unit by France-based PCA automobiles in Tiruvallur, Singapore-based AG&P’s gas filling station at Ramanathapuram are some of the completed projects.

Edappadi also laid the foundation stone for the formation of four new Industrial Parks of SIPCOT at Manapparai, Maanallu, Oragadam, and Dharmapuri. These parks will cater to the requirements of the automobile and auto component sector, food processing, general engineering industries, E-vehicle manufacturing, and Textiles sector. CM said these industrial parks will create employment opportunities for more than one lakh persons.

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