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Govt bets on aerospace park, defence corridor to net Rs 10,000 cr in TN budget

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(G.N.S) Dt. 16
Chennai
Tamil Nadu may have lacked large scale investment inflow in recent times but it is still betting big on the planned aerospace park and the defence manufacturing corridor to attract Rs 10,000 crore investment. It is keen to capitalise on the promising automobile sector to lay special emphasis on achieving growth in aerospace and defence manufacturing, said finance minister O Panneerselvam in his budget speech.
The thrust on these key growth sectors as also announcements to unveil a new food processing policy and an integrated textile policy are in tune with the recent suggestions by the Confederation of Indian Industry, (CII) Tamil Nadu. The industry body had suggested that the state identify a few prospective sectors and drive growth by unveiling industry specific policies.
State-owned Sipcot, which has created a land-bank of about 5,000 acres, will create an additional land bank of a little more than 9,000 acres to allot sufficient land to new investors. Special focus will be on developing industries in the southern parts of the state, especially along Chennai, Kanyakumari, Madurai and Thoothukudi industrial corridors.
The government will also continue the policy of extending structured package assistance for large investments. While it had disbursed Rs 1,600 crore as investment subsidy in 2017-18, it is being enhanced to ?2,000 crore for 2018-19, during which period the state has planned to conduct the second Global Investors Meet on January 23 & 24, 2019

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