Panneerselvam bats for growth

Panneerselvam also announced implementation of Chennai-Kanniyakumari Industrial Corridor (CKIC) in partnership with Asian Development Bank.

Published: 15th February 2020 05:47 AM  |   Last Updated: 15th February 2020 05:47 AM   |  A+A-

Tamil Nadu Deputy CM  O Panneerselvam

Tamil Nadu Deputy CM O Panneerselvam (File | EPS)

By Express News Service

CHENNAI: In a major industrial push, Deputy Chief Minister O Panneerselvam on Friday announced that Ponneri Industrial Node of Chennai-Bengaluru Industrial Corridor (CBIC) will be developed on a 21,966-acre area in Tiruvallur district. He said the State Support Agreement and Shareholders’ Agreement has already been approved.

Panneerselvam also announced implementation of Chennai-Kanniyakumari Industrial Corridor (CKIC) in partnership with Asian Development Bank. This will come up as phase II of the East Coast Economic Corridor. The government is proposing to launch an industrial policy soon, that will provide GST regime compatible incentives.

Last month, investments worth Rs 52,075 crore creating jobs for 32,405 persons was approved. The largest single investment (Rs 49,000 crore) till date will be made by Kuwait-based Al Qebla Al Watya group in a petroleum refinery and petro-chemical complex near Thoothukudi. This is expected to generate sizable downstream benefits, including job creation in southern districts.

To further boost industrial growth, SIPCOT has developed 23 industrial complexes including seven Special Economic Zones spread over 33,775 acres. Land has been allotted to 2,631 units with an investment of Rs1.14 lakh crore, providing jobs to 6.48 lakh persons. “4,457 acres land is available for allotment and 13 industrial parks are being established over 16,725 acres in Ramanathapuram, Madurai, Theni, Virudhunagar, Thoothukudi and Tirunelveli districts. Land acquisition in Ramanathapuram is completed, and Rs 2,500 crore has been provided to pay incentives in 2020-21,” said Panneerselvam.

Development on fast track
Centre is developing CBIC between Chennai, Bengaluru and Chitradurga across 560 km to achieve development and regional industry agglomeration in Tamil Nadu, Karnataka and Andhra Pradesh. Three industrial nodes are proposed - Krishnapatnam, Ponneri and Tumakuru. Ponneri node in north Chennai would be the largest with an estimated investment of Rs 32,713 crore

Stamp duty for rental agreements reduced to 0.25% from 1% 

585 reasonable price shops established across State

A new state child policy to be launched shortly

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