TN Industrial Policy 2014

According to the Tamil Nadu Industrial Policy 2014 released recently, automobile and auto components sector, renewable energy equipment manufacturing industries, aerospace industry and bio-technology and pharmaceutical sector will be given special thrust by the government.

Stating that they were priority sectors, the policy document said specific policies aimed at creating enabling infrastructure and offering special incentives had been formulated. Further, aerospace industry would be given special importance.

The objectives of the new industrial policy – fourth in the post-liberalisation era in Tamil Nadu with the previous policies released in 1992, 2003 and 2007 – include positioning the State as the most preferred for manufacturing, with a reputation for efficiency and competitiveness. It seeks to attract incremental investments of over 10 per cent every year in manufacturing, to create employment opportunities for an additional two million people by 2016, double exports in another two years and to achieve rapid industrialisation of the southern districts. The approach to be adopted includes provision of world class infrastructure, improving the quality of human resources and providing incentives to the investors.

Apart from releasing the industrial policy, the first copy of which was received by CII president Kris Gopalakrishnan, Chief Minister Jayalalithaa also released the Tamil Nadu Automobile and Auto Components Policy 2014 and Tamil Nadu Biotechnology Policy 2014.

With the policy on automobile and auto components, first of its kind, Tamil Nadu wants to retain the State’s leadership position to enhance its competitive edge and to address the critical issues faced by the industry.

The biotechnology policy’s objective is to take up a detailed inventory of the bio-resources in the State and to attract research and development institutions and manufacturing firms by implementing various measures, include developing high quality infrastructure.

Ms. Jayalalithaa said the new industrial policy would further strengthen Tamil Nadu competitiveness as a world class manufacturing hub and herald a new era of industrialisation.