TN seeks speedy approvals for industrial corridor projects

Tamil Nadu’s deputy chief minister O Panneerselvam, on March 8, 2018, requested the union commerce and industry minister Suresh Prabhu, to ensure that speedy clearances are accorded to the Chennai Bengaluru industrial corridor and the Chennai Kanniyakumari industrial corridor projects. The state government will also set up an aerospace park in about 250 acres near Sriperumbudur, Panneerselvam said, while speaking at the inauguration of the India Engineering Sourcing Show. In addition, he said, the proposed establishment of defence production corridors across Tamil Nadu, linking existing public sector manufacturing facilities with new capacities to be created in the private sector, will also boost engineering manufacturing in the state. He said that JICA and Asian Development Bank are working with the state government, on developing the trunk infrastructure for these projects. He assured all support to investors to facilitate investments in the state. Panneerselvam further said the state has all the modern infrastructure and policies to attract and facilitate investments. “The biggest strength of Tamil Nadu is the availability of high quality and disciplined human resources,” he said. The gross state domestic product of Tamil Nadu grew at a compounded annual growth rate of 11.16 per cent between 2005-06 and 2016-17, reaching USD 207.79 billion in 2016-17. To promote innovation and manufacturing, the state government has announced a USD 1.55 billion assistance for a strategic entrepreneurship and innovation programme, between 2017 and 2021. Panneerselvam said the state ranks third in terms of FDI inflow into the country and cumulatively, FDI inflows in Tamil Nadu from April 2000-September 2017 stood at USD 25.92 billion.