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Sunday, August 19, 2001

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Tamil NRI consortium planned

By Our Special Correspondent

CHENNAI, AUG. 18. The State Government is to set up a Tamil NRI (non-resident Indian) consortium to encourage participation of Tamil NRIs in the industrial development of the State.

``We recognise the imperatives of having an enabling environment for making the State an attractive destination for investments. We propose to streamline laws, rules and regulations governing the operation of industrial units at the field level in consultation with other regulatory departments'', the Finance Minister, Mr. C. Ponnaiyan, said while presenting the budget in the Assembly today.

The Minister said the Government proposed to come out with a ``progressive industrial policy''.

Referring to the restoration of price and purchase preference for smallscale industries, announced by the new government, Mr. Ponnaiyan said the preference policy would be extended to State public sector undertakings like TANCEM and TANSI which had manufacturing units of their own.

``We are confident this will help revive the SSIs which are now languishing and restore employment opportunities to thousands of people'', he said.

The Minister said the growth of the industrial sector in relation to the gross State Domestic Product had seen a slide from 6.92 per cent per annum during 1991-96 to 4.14 per cent per annum during the last five years.

The Chief Minister, Ms. Jayalalithaa, was ``committed to reversing the deceleration in the industrial sector and will strive to make Tamil Nadu the most industrialised State in the country''.

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