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    TN signs 28 MoUs for Rs 28,053 cr including pact with Tata Electronics for Krishnagiri plant

    Synopsis

    Tamil Nadu has been working vigorously to attract investment through the pandemic. With the elections around the corner too, analysts believe the Chief Minister Edappadi Palaniswami has been on overdrive to cash in on the goodwill that he has garnered through the handling of the pandemic and promotion of Tamil Nadu as an investment destination.

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    CM Edappadi Palaniswami unveiled the State's new industrial policy on Tuesday which aims at achieving an annual growth rate of 15% in the manufacturing sector during the policy period which extends from 2021 to 2025.
    Chennai: Tata Electronics has inked an MoU with the Tamil Nadu government to set up a facility for manufacturing mobile components. The company is set to invest Rs 4,684 crore in a new plant in Krishnagiri that will employ an estimated 18,250 people.

    This MoU was one among the total of 28 MoUs that were signed by the State on Tuesday with companies for Rs 28,053 crore that will provide employment to 68,775 people in the State.

    Tamil Nadu has been working vigorously to attract investment through the pandemic. With the elections around the corner too, analysts believe the Chief Minister Edappadi Palaniswami has been on overdrive to cash in on the goodwill that he has garnered through the handling of the pandemic and promotion of Tamil Nadu as an investment destination.

    The Chief Minister also went on to unveil the State's new industrial policy on Tuesday which aims at achieving an annual growth rate of 15% in the manufacturing sector during the policy period which extends from 2021 to 2025.

    Further, the policy envisages attracting investments worth Rs 10 lakh crore (USD 135 million) and create jobs for opportunities for 20 lakh people during the same time frame. Finally, the policy said one of the critical goals would be to increase the contribution of the manufacturing sector to 30% of the GSVA by 2030.

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      Salient features of TN's Industrial Policy (2021-2025)

      • Decouples artificial pairing of labour capital, allowing for varied investment employment combinations
      • Enpowers investors to choose their structured incentive package model providing higher flexibility
      • Includes manufacturing services such as logistics and R&D as part of its scope
      • Encourages development of industrial infra for example, industrial housing is part of EFA
      • Encourages balanced regional industrial development
      • Encourages sunrise sectors with additional incentives
      • Encourages R&D projects in the state to cement state's position as R&D hub
      • Encourages higher participation of women, differently abled and transgenders in the workforce



    *Source: Guidance department, Government of Tamil Nadu's nodal agency for investment promotion


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