He told reporters here that inputs from the Confederation of Indian Industries (CII) for framing the policy.
"We will study the features of industrial policies adopted in neighbouring Tamil Nadu, Karnataka, Kerala, Andhra Pradesh, and Telangana besides the Central government and include these features in our policy," he said after attending a CII meet.
He said Rs 200 crore would be invested on a tool room facility to be set up in Pillaichavady near here under a scheme of the Union Ministry for Medium, Small and Micro Industries.
With the cooperation of the industrialists and CII as a whole, the union territory government would regain the industrial atmosphere seen during 1980s here, he said.
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"Industrialists are our ambassadors and we will make use of them to promote industrialisation in Puducherry," he added.
Earlier, during an interaction with the industrialists the Chief Minister and Industries Minister M O H F Shajahan explained the policies of the government in promoting non polluting industries.
Some of the industrialists brought to the notice of the Chief Minister during the interaction 'lack of conducive atmosphere in Puducherry for industries and this had resulted in some of the industries shifting their activities to neighbouring Tamil nadu.
Local Administration Minister A Namassivayam and Welfare Minister M Kandasamy and host of officials of various departments were present.