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TN Budget: ‘Special packages’ for industries to come with new riders

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(G.N.S) Dt. 16
Chennai
26 ITIs across the State to be upgraded at a cost of 126 cr.
The State government will adopt a “flexible approach” in giving a “special package of assistance” to industrial projects in core areas, according to K. Shanmugam, Additional Chief Secretary (Finance).
To get the special package, the projects should not only envisage higher investment but also facilitate ancillary and subsidiary industries and provide jobs to greater number of persons, he said at the post-budget interaction with journalists here on Thursday, adding that a perusal of memoranda of understanding (MoU) signed in the past revealed that only the amount of investment was considered for providing the assistance.
– Investment subsidy
Besides, the allocation for investment subsidy had been increased from 1,600 crore to 2,000 crore. “Concerted efforts” were being made to improve the ranking of Tamil Nadu with regard to “ease of business doing,” apart from enacting a law on business facilitation, Mr. Shanmugam told journalists in his customary post-budget briefing.
Deputy Chief Minister O. Panneerselvam, in his Budget speech, stated that “capitalising on the well developed automobile sector [in the State], the government will give a special emphasis to establish an aerospace park and defence manufacturing corridor which is expected to attract 10,000 crore.”
As a sequel to the first Global Investors’ Meet (GIM) held in September 2015, 62 industrial projects at a total investment of about 63,000 crore were under implementation, generating 96,341 jobs. At the meet, 98 MoUs were signed, envisaging an investment 2.42 lakh crore. The next GIM would be held on January 23 and 24, 2019.
Keeping in mind the requirement of skilled labour for the industry, the Deputy Chief Minister said the government would introduce new advanced courses – medical electronics, advanced machine tools, tool and dye making, power electronics and architectural assistance – in 20 industrial training institutes (ITIs) at a cost of ₹38 crore. Out of 88 government-run ITIs, all except 26 had been brought under the affiliation of the National Council of Vocational Training (NCVT). At a cost of 126 crore, these 26 institutes would be upgraded and will be affiliated to NCVT in two years.

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