Global Investors' Meet in Chennai to Give Industry Booster Shot

Finance Minister O Panneerselvam on Thursday announced that the government would host a global investors’ meet here in October and allocated `100 crore for the same in order to promote industry and infrastructure in the State.

Published: 14th February 2014 08:30 AM  |   Last Updated: 14th February 2014 08:31 AM   |  A+A-

Finance Minister O Panneerselvam on Thursday announced that the government would host a global investors’ meet here in October and allocated `100 crore for the same in order to promote industry and infrastructure in the State.

Presenting the Budget for 2014-15 in the State Assembly, the Minister said that from May 2011, memoranda of understanding had been signed for an investment of `26,625 crore, of which `10,660 crore of actual investment had been realised till date. This had created additional employment opportunity for 10,022 people.

He said that as a part of an initiative, around 53,000 acre of land would be developed for industries with focus on the southern districts such as Madurai, Dindigul, Theni, Sivaganga, Ramanathapuram, Virudhunagar, Pudukkottai, Thoothukudi, Tirunelveli and Kanyakumari.

The Minister said a special package for industrial development has been put in place.

He said that a special purpose vehicle would be formed soon to implement the Madurai-Thoothukudi industrial corridor for which a detailed project report had been prepared.

Stating that to upgrade the skills of the youth, SIPCOT has created a skill development centre at Oragadam in Kancheepuram district, the Minister said two more such centres would be started in Gangaikondan in Tirunelveli district and Thervoikandigai in Tiruvallur district.

He added that the initiative would provide trained manpower to industries and open up more employment opportunities.

As a new initiative  to support clusters of micro-industries, a scheme with a grant of 70 per cent not exceeding `2.5 crore would be given to each cluster with a view to putting up common production infrastructure, besides raw material bank and  marketing infrastructure.

Initially, `25 crore would be allocated for the year 2014-2015 to develop 10 such clusters. During 2014-2015, a sum of ` 100 crore would be provided for new entrepreneur-cum- enterprise development scheme (NEEDS).

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