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Financial city coming up

Special Correspondent



M.K. Stalin

CHENNAI: A financial city will be set up near Chennai with private participation, Deputy Chief Minister M.K. Stalin announced on Monday.

Replying to the debate on grants for the Industries Department, Mr. Stalin said the purpose was to attract banks, insurance and mutual fund companies and stock exchange brokers.

“The State government will create the infrastructure for the city,” he said.

Claiming that the DMK government had successfully implemented 29 of the 51 announcements made in the last three years, Mr. Stalin said the other 22 projects were being implemented.

He also announced a mega Aerospace Park Project in the public-private partnership mode for manufacture of aircraft components. The park would include a runway, component testing facilities, maintenance, repair and overhaul facility (MRO) and training camps.

Taking into consideration the ever-increasing scope for animation, filmmaking and editing, the government would set up an Entertainment and Communication Technology Park to create employment. This will also be in public-private partnership mode.

Mr. Stalin said that a State Manufacturing Competitive Council, comprising representatives from industries, government and technical experts, would be constituted to improve and retain the competitive edge.

“The council will periodically submit its report to the government,” he said, adding that the government would formulate sector-specific policies for the sugar industry, tanneries, chemical industries, automobile and electronic hardware industries.

Wood pulp plant

Talking about the Rs.1,000-crore expansion plan being implemented to increase the production capacity of Tamil Nadu Newsprint and Papers Ltd (TNPL), Mr. Stalin said TNPL would set up a wood pulp plant with a capacity of 300 tonnes at a cost of Rs. 174 crore.

The government had also decided to set up three training institutes to improve the skills of youths from families living near SIPCOT industrial estates.

Corrections and Clarifications

Tamilnadu Newsprint & Papers Limited (TNPL) is to set up a deinked pulp plant, and not a wood pulp plant as mentioned in the ninth paragraph of a report "Financial city coming up" (Tamil Nadu, July 14, 2009, page 1).

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