CHENNAI: A Cabinet meeting on Wednesday approved the new industrial policy that seeks to encourage fresh investment in the State even while addressing the concerns of those dependent on agriculture.
Chief Minister M.Karunanidhi will release the policy next week.
Officials told The Hindu that the policy was “comprehensive, broad-based and detailed” and included sunrise sectors as well as sectors that were not included in the earlier policy.
The new policy was aimed at consolidating the gains made in the past year and would direct industrial growth in a manner that would create more employment and address the critical issues that the industry had pointed out.
Since May 2006, the government had signed 11 memoranda of understanding with Indian and foreign companies for setting up projects in the State.
This involved a total investment of Rs.11,083 crore and generation of direct and indirect employment for about 1.25 lakh persons.
The quantum of incentives given to some labour-intensive sectors had been increased with a view to attracting more such units to the State.
Among the sectors expected to get a fillip include agro-industries, especially food processing.
“The Chief Minister had announced that an agriculture Special Economic Zone will be set up in the State. The policy has also addressed this,” an official said.
The government would stick to the policy of not acquiring ‘wet’ agricultural lands for any industrial activity. Many of the concerns highlighted by allied political parties in the Democratic Progressive Alliance had been addressed, the official said.
The policy had come up for approval at the last Cabinet meeting. During the exchanges, Mr. Karunanidhi felt that it needed some fine-tuning on a few critical issues.
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