TN govt likely to unveil new industrial policy

CHENNAI: The Tamil Nadu government is likely to unveil by next month its new industrial policy which will provide more incentives for industries investing in districts which are industrially backward, according to an Industries department source.

The source told Express that though the State has its own industrial policy, it has outdated with the introduction of new Goods and Service Tax regime. The new policy will be compliant with the new tax regime.

The new policy will be offering more incentives to industries set up in backward areas. The focus will be on sunrise industries, he said.

It is learnt the policy will be more flexible than the previous policy which was unveiled in 2014 keeping in mind the Vision 2023 goals set by the then Chief Minister J Jayalalithaa. 

“The policy will have multiple options for industries,” said an official, while refusing to divulge any other information.

It is also learnt that the State is keen to develop industrial infrastructure and has identified 23 industrial infrastructure projects to be implemented within the next 24 months. Sources said that the policy could look at industrial housing projects besides coming out with a new export promotion policy.

M Ponnuswami, sub-committee chairman (Southern India), the Ease of Doing Business Confederation of Indian Industry, said the new policy could be a game-changer as the government has given the Industries department a free hand. He also stressed on the need to get feedback from each sector in the State.