As the the Indian economy begins to pick up after a year, there is a great rush to woo investments. Every state is competing with the others to woo investments.
Greenfield investments are vital to create jobs in the states. And some states are better at attracting investments than others. The government of Tamil Nadu plans to attract investments worth ₹10 lakh crore and create employment opportunities for 20 lakh people over the next four years, Tamil Nadu Chief Minister Edappadi K. Palaniswami said.
Speaking after giving away the Business Today Business Leaders of the State (BLoS) awards in Chennai on February 16, the chief minister announced two policies. The New Industrial Policy 2021 and Micro, Small and Medium Enterprises (MSME) Policy 2021 — to help achieve this target. “These new policies aim to provide further impetus for emerging sectors such as renewable energy, high-end manufacturing, food processing etc. More emphasis has been laid on the fields of innovation, research and development,” said Palaniswami. He also pointed out that in the last 10 years the state has attracted investments to the tune of ₹6.85 lakh crore. “Over 81 per cent of MoUs signed during the global investor meet 2015 and 2019 are in advanced stages of implementation,” he added. The new policies include special incentives, including subsidies on land cost, transport and refund of state GST levied on capital goods for foreign direct investments (FDI) flowing into the state in the next one year.
In addition to the BloS Awards and the announcement of the new industry policies, the mega conclave also saw foundation stone laying and inauguration of projects and announcements of investment commitments by private companies in the state.
The chief minister said the winners of Business Today 2021 awards have excelled in creating jobs as well as starting their ventures in industrially backward areas. Awards have also been given to entrepreneurs who are leaders of industry and have risen to prominence through sheer hard work and dedication, he said.
The winners of the 11 BloS awards are Chennai Petroleum Corporation for biggest public sector investment; MRF Ltd, for biggest private investment, Hyundai Motor India Ltd for biggest FDI investment and the largest exporter of the state; Cheyyar SEZ Developers, for biggest employer in the state and also biggest employer in backward district of Tamil Nadu; Foxconn Group for biggest investor in sunrise sector; Farida Group for biggest women employer; ITC for biggest investor in backward area; Mahindra World City for the best industrial park and Salcomp Manufacturing India for most successful revival of a company in Tamil Nadu.
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