CHENNAI: Tamil Nadu is reworking elements of the new industrial policy launched in 2014, in tune with the latest developments, including the introduction of GST, said Deputy Chief Minister O Panneerselvam, at the second-day session of the United Economic Forum’s second trade summit on Sunday.
“The draft policy for aerospace and defence manufacturing is in an advanced shape of finalisation. We have fine-tuned sector-specific policies for auto and auto components, and bio-technology,” said Panneerselvam.
In 1991, the per capita income of the State was lower than the national average, and today the state has more than 80 percent, above the national average. Tamil Nadu is the second largest state economy in India, the Deputy CM said. “Tamil Nadu Infrastructure Fund Management Company (TNIFMC) now plans to attract international investment with a robust investment management model.”
He also said the government had completely eliminated power shortages and Tamil Nadu had become a power-surplus State. There is a strong pipeline of conventional and renewable power projects and long-term power supply agreements have been inked to ensure that the State will not be power-scarce at all in the foreseeable future, he added.