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New industrial and MSME policies
February 19 , 2021
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- The Tamil Nadu government on February 16 announced a new industrial policy.
- It aims to achieve four key objectives
- Attract investments worth over ₹10-lakh crore ($135 billion) by 2025,
- Achieve annual growth rate of 15 per cent in the manufacturing sector during the policy period,
- Increase contribution of manufacturing sector to 30 per cent of the state’s economy by 2030 from 25 per cent now and
- Create over 20 lakh jobs by 2025.
MSME Policy
- The Chief Minister also unveiled a new MSME Policy to offer a vibrant ecosystem for MSMEs/Start-ups.
- It set a target to
- Attract new investments worth ₹2-lakh crore by 2025 and
- Create additional employment opportunities for 20 lakh people.
- New MSMEs and start-ups will be exempted from approvals for establishment and operation for a period of three years based on self-certification.
- These unit shall have mandatory approval within a period of one year from the expiry of the 3-year period.
- The new policy has also enhanced ceiling for various subsidies provided to MSMEs.
- Also plug & play facilities, plots and sheds will be developed and made available to them on short term lease.
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