Tamil Nadu to Develop Industrial Parks to Attract Rs 50k crore Investments

To promote development in Tamil Nadu, new industrial parks would be built in tier II and III cities and surrounding areas. According to finance minister Palanivel Thiaga Rajan, these industrial parks will be built to attract investments worth Rs 50,000 crore in order to revitalise the state's economy.

"Non-leather footwear and leather-related industries offer a plethora of job opportunities." "A new footwear and leather industry development policy will be released to promote these employment-intensive sectors," said the minister.

The minister stated that two exclusive clusters for the manufacture of electronic products would be established with financial assistance from the Union government at Pillaipakkam (Kancheepuram district) and Manallur (Thiruvallur district).

Truck terminal facilities would be built at Cheyyar and Gummidipoondi to ease traffic flow and regulate heavy vehicle parking, he added. Officials from the Industries Department stated that they have been given instructions to establish land banks in and around tier II and III cities in order to establish industrial parks.

"The situation has improved in the last six to seven months, and investors are responding positively." Sensing the demand, the government is "creating land banks for new industrial parks and accelerating ongoing projects," according to an official.

The allocation of Rs 3,267 crore in the budget for the industries department for the fiscal year has improved the state's image in attracting new investors.

"The government has reached out to the NHAI to expedite ongoing road projects in order to open new avenues for industrial development," another official said.

In the Tuticorin district, an international-standard furniture park would be built. To attract investors, facilities would be built on 500 acres of land in the first phase of the project. "There are a number of other projects in the works." We are awaiting environmental clearance for a couple of projects on Chennai's outskirts," he added.