The Tamil Nadu Budget has allocated ₹3,268 crore to the Industries Department. The State has been attracting substantial investments in the last two years. Since May 2021, 221 Memoranda of Understanding (MoU) have been inked for investment commitments worth ₹2,70,020 crore, creating employment opportunities for 3,89,651 people, said Finance Minister Palanivel Thiaga Rajan in his Budget speech.
To consolidate the benefits from these investments, guided by the vision to steer Tamil Nadu towards a trillion-dollar economy by 2030, the next Global Investors Meet (GIM) will be organised in Chennai on January 10 and 11, 2024, he added. An allocation of ₹100 crore has been made for the Global Investors Meet in the Budget. The Minister said 46 per cent of the electric two-wheelers sold last year in India were manufactured in T.N.
Two industries are proposed to be established in Ranipet and Kallakurichi districts with employment potential for 32,000 women, he said. New industrial parks will be developed in Virudhunagar, Vellore, Kallakurichi, and Coimbatore at an estimated cost of ₹410 crore for providing employment opportunities to nearly 22,000 persons, as per Budget announcement.
Further, an industrial housing facility will be established in the SIPCOT Industrial Park in Gangaikondan at an estimated cost of ₹50 crore to accommodate 1,500 employees, he said.
The Budget also proposes to create an e-Governance fund of ₹100 crore, which will be utilised to finance key e-Governance initiatives of government departments. The government will establish ‘Tamil Nadu Tech City (TNTech (TNTech City)‘ in Chennai, Coimbatore, and Hosur.
IT parks, each with an approximate built-up area of one lakh sq. ft., will be set up at Erode, Tirunelveli, and Chengalpattu. These parks will provide employment opportunities for 4,000 people, as per the Budget announcement.
