TN Govt streamlines investment procedures,categorises projects

With the state attracting over Rs 2.40 lakh crore investments during its first Global Investors Meet that concluded yesterday, the Tamil Nadu Government has streamlined the process of completing the formalities within a stipulated time frame, sources said.
Chief Minister J Jayalalithaa, in her inaugural address at the Global Investors Meet, had said the state government would adopt "30-day single window clearance" for investment proposals.
Besides, she said the government would appoint top officials to ensure the necessary procedures completed within prescribed time limit.
Official sources said the state government, unlike the practice of receiving the "Expression of Interest" from the companies in the past, would here sign memorandum of understandings so that the company also follows a norm.

Elaborating, he said the government has introduced a concept under which projects with investment proposals of between Rs 500-1,500 crore would be classified as "Mega" projects and those between Rs 1,500-3,000 crore would be categorised as "Super Mega A".
Investment proposals between Rs 3,000-5,000 crore would be under "Super Mega B" category and those above Rs 5,000 crore would be classified as "Ultra Mega", an official said.

"What this would mean is that from the signing of MoU the company should complete the construction work and operate the project within a specific time frame," he said.
"While for Mega projects, the time frame is three years, for Super Mega it is up to five years and for Ultra Mega, up to

seven years," he said, adding the introduction of this concept would not only help the government, but also facilitate the MoUs signed with the companies.
During the two-day conclave which concluded here yesterday, the state government signed 98 MoUs with various companies for bringing in a whopping Rs 2,42,160 crore investments.