The Tamil Nadu government is planning to organise the second Global Investors Meet (GIM) next year, with a target to attract Rs 3 lakh crore investments, state Industries Minister M C Sampath said today.
Addressing stakeholders' meeting here on "Business Facilitation Act and Rules 2017" proposed by the state government, Sampath said the last GIM had received investments worth Rs 72,000 crore, generating 60,000 jobs.
Stating that 2018 GIM has targeted investment commitments of Rs 3 lakh crore, he said, "As per the Vision Tamil Nadu-2023 of late Chief Minister J Jayalalithaa, the state has to attract an investment of Rs 15 lakh crore." The minister said that at least 14 foreign companies have evinced keen interest to set up industries in the proposed Aerospace Park in 270 acres of land near Sriperumpudur near Chennai.
The companies will invest Rs 50 crore each for the units, he said, adding that the government will also establish a Rs 150 crore R&D facility there.
Stating that Tamil Nadu is one of the front runners in promoting industrialisation in India much before the states of Gujarat, Maharashtra and Haryana, Sampath said the state is considered best suited for investments due to its favourable conditions including 'Conducive Business Environment, Skilled Manpower, surplus power.'
On the Business Facilitation Act, he said it facilitates industry members to integrate the clearances required from about 15 individual departments completely online, with time limits for clearances and a system of deemed approval for delayed clearances.
The Act will certainly be a boon to Tamil Nadu to effectively compete with other states in the country including Telangana, Gujarat and Andhra Pradesh in garnering investments, Sampath said.
Highlighting major projects being implemented in the region, Municipal Administration Minister S P Velumani urged Sampath to promote investments in the western part of Tamil Nadu and consider it as the focus region in the forthcoming Global Investors Meet.
He further expressed that a supporting bureau like the Guidance Bureau was institutionalised for the first time in the state of Tamil Nadu much before other states in the country, primarily for promoting industrialisation.
He stated that projects like Integrated Bus Stand, Land Acquisition for Airport Expansion, Avinashi Road Flyover, Gandhipuram Flyover and Western Bypass are being considered and the state government is working towards implementing these projects at the earliest.
The government is closely working on the Metro Rail project for Coimbatore along with the Japanese government in preparing a detailed project report, Velumani said.
In his address, Minister for Rural Industries P Benjamin said the MSME and rural industries sector was providing employment to about 70 million people at national level.
With the implementation of Business Facilitation Act, he said entrepreneurs and SME enterprises will certainly benefit and along with the support of the Ministry through its District Industry Centres, the state will attain its stated objectives as mentioned in the Vision 2023 document.
Confederation of Indian Industry along with TN Guidance and Export Promotion Bureau Tamil Nadu government organised the stakeholders meeting.
The ministers assured to take on war footing the demands from the industry captains for expanding the city airport and more international flight.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)