TN has signed 21 MoUs in 24 months: Rural Industry Minister

Madurai: The Tamil Nadu Government has signed 21 MoUs (memorandum of understanding) with leading multinational companies under foreign direct investment to the tune of Rs 31,333 crore in 24 months, according to the Minister for Rural Industries, Mr Pongalur N. Palanisamy.

Addressing the 84th anniversary celebration of Tamil Nadu Chamber of Commerce and Industry, he said that of these, eight units have already started production and 1.92 lakh people would get employment in two years.

Dwelling on many forward looking measures initiated by the Government for the industrialisation of the State, he further said that the new industrial policy announced by the Government, especially for tiny, small and medium industries carried many incentives in the form of subsidies with respect to electricity, investment and exemption from VAT and so on.

Online registration of application for starting industries has been facilitated and so far, 2,500 applications have been received.

Soon, the Government will facilitate online sanction of certificates for starting industries in the State, he said.

Acknowledging that the power crisis has been a hindering factor, the Minister said, the fall in wind power generation has created the crisis.

Measures have been taken to generate 50,000 MW and soon the State would turn into a supplier of power to other States, he added.

Responding to a plea from Mr S. Rethinavelu, outgoing President of Tamil Nadu Chamber of Commerce and Industry, in his address earlier, to extend the grant of special subsidy to food processing, rubber and plastic industries left out in the new industrial policy announced by the Government, the Minister said the empowered committee has accepted the plea and necessary orders would be issued soon.

Mr Rethinavelu had additionally pleaded in his address for exemption of small scale industries from peak hour power cuts and continuous supply of power for 8 hours without break. Exemption of new entrepreneurs from labour laws for five years to enable them to get firmly rooted in their pursuits, was his another demand.