CHENNAI: Just days ahead of the second Global Investors Meet, the State Cabinet on Friday cleared a slew of industry-friendly measures. The government cleared investment plans of 11 companies worth Rs 16,000 crore, Tamil Nadu startup and innovation policy, common building rules and key proposals for State Budget 2019-20. Besides, the State has also decided to subsidise the manufacturing of electric vehicles — a first in the country.
Of the total investments cleared on Friday, automobile major Hyundai alone had submitted proposals worth Rs 7,000 crore. The three-hour-long meeting also discussed important budget proposals. The State Budget for the next financial year is expected to be presented in the second or third week of February.
Sources said the Startup policy cleared by Cabinet focusses on grooming entrepreneurs and helping them in dealing with major issues during the early stage of entrepreneurship. Tamil Nadu ranks number two in terms of the number of start-ups being registered. Creating awareness among those aspirants who wish to become entrepreneurs and college students is one of the major focus areas in the start-up policy.
Karnataka was the first State to launch a startup policy in the country. Following it, Maharashtra, Kerala, Rajasthan, Uttar Pradesh, Punjab and Goa have also unveiled their startup policies. After the meeting, Industries Minister MC Sampath and Secretary K Gnanadesikan called on Chief Minister Edappadi K Palaniswami and formally invited him for the GIM to be held on January 23 and 24.
The first GIM in September 2015 drew investments worth Rs 2.40 lakh crore with more than 5,000 delegates attending the meet. This time, State officials are expressing confidence that they would exceed the investments made in the first GIM. Around 6,500 delegates are expected to participate in the event.