The Tamil Nadu government will unveil a new industrial policy to help increase the manufacturing sector’s share in state gross domestic product (GDP) to 23 per cent by 2023. The new policy would also ensure the manufacturing sector is consciously linked to agriculture and allied sectors.
The state government has said it would attract Rs 20,000 crore of investment in the manufacturing sector within six months.
While presenting the state Budget for 2012-13 at Chennai on Monday, finance minister O Pannerseelvam said, “It is a matter of concern that the share of manufacturing in the state’s GDP has declined to 17 per cent in 2009-10 from 20 per cent in 2004-05.”
“It is also our vision that Tamil Nadu should be among the top three destinations for investments in Asia, and the most attractive investment destination in India. This government will unveil a new industrial policy to facilitate the realisation of this vision,” he said.
The new policy would ensure maximum value-addition to the output of the primary sector to absorb the surplus work force.
Currently, major investment proposals of Yamaha, Eicher, Danfoss, Enfield, Philips Carbon Limited, Sundaram Clayton, TI group, Saint Gobain, Sanmina-SCI and Nokia are in advanced stages of securing the government’s approval. Memorandums of understanding for these are expected to be signed very soon, Pannerselvam said. About 11 other companies were also finalising their plans for investment in the state, he added.
