As the the Indian economy begins to pick up after a year, there is a great rush to woo investments. Every state is competing with the others to woo investments.
Greenfield investments are vital to create jobs in the states. And some states are better at attracting investments than others. The government of Tamil Nadu plans to attract investments worth ₹10 lakh crore and create employment opportunities for 20 lakh people over the next four years, Tamil Nadu Chief Minister Edappadi K. Palaniswami said.
Speaking after giving away the Business Today Business Leaders of the State (BLoS) awards in Chennai on February 16, the chief minister announced two policies. The New Industrial Policy 2021 and Micro, Small and Medium Enterprises (MSME) Policy 2021 — to help achieve this target. “These new policies aim to provide further impetus for emerging sectors such as renewable energy, high-end manufacturing, food processing etc. More emphasis has been laid on the fields of innovation, research and development,” said Palaniswami. He also pointed out that in the last 10 years the state has attracted investments to the tune of ₹6.85 lakh crore. “Over 81 per cent of MoUs signed during the global investor meet 2015 and 2019 are in advanced stages of implementation,” he added. The new policies include special incentives, including subsidies on land cost, transport and refund of state GST levied on capital goods for foreign direct investments (FDI) flowing into the state in the next one year.
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