New industrial policy on the cards in TN

Our Corporate Bureau

Chennai, Dec 3: Tamil Nadu is formulating a new industrial policy to give the much-needed boost to fresh investments. The policy would provide investment incentives to compensate for the sales tax concessions which were dropped in the budget.

It would also streamline the regulatory norms to end the inspector raj. At present an entrepreneur has to fill up over 60 forms to run an industry. The government proposes to bring them down to the least minimum level and allow industrialists to concentrate more on production and marketing, informed sources said.

“This alone will be an attractive proposition for those eager to invest in the state,” sources added.

Investment proposals for various industries are being processed. Works on the Tidel-II and biotechnology park in Chennai and on the special economic zone in Nanguneri in Tirunelveli district, are expected to start shortly.

The investment scenario has undergone a drastic change after the September 11 catastrophe. Situation is slowly changing and foreign investors are looking up at South Asia again.

The land acquisition problems with regard to the Information Technology Park at Sirusseri on the Old Mahabalipuram Road also is being sorted out.