Chennai: Tamil Nadu will soon notify a new industrial policy with special incentives to attract fresh domestic and foreign investment, besides setting up a Tamil Nadu Investor Promotion Commission (TIPC) chaired by the chief secretary to draw multinational companies.
Governor's address outlines economic vision
In his maiden address to the assembly, Governor R V Arlekar said the state aims to become a $1.5 trillion economy by 2036 by ensuring industrial growth and welfare of workers. The government would improve ease of doing business by upgrading the single-window system into a fully digital, all-sector platform, and granting approvals quickly without administrative delays.
“With the aim of promoting the state’s economic stability and industrial growth, while maintaining continuity with the previous industrial policies, this government will notify a new industrial policy,” he said.
Fast-track permissions for large investments
Steps will be taken through the investor promotion commission to grant fast track permissions to start operations to companies investing more than ₹200 crore or creating employment to 5,000 people, the government said. The state will simplify procedures for starting industrial units and boost industrial growth in Tamil Nadu.
Measures will also be taken to ensure permissions are granted quickly to start MSMEs through a single window system to drive rapid industrial growth and generate large-scale employment.
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