CHENNAI: The State on Wednesday announced the formation of a Tamil Nadu Palmyra Development Corporation with an outlay of Rs 16 crore to promote value-added palm products and improve the livelihood of palmyra farmers.

Finance Minister N Marie Wilson said the Corporation would focus on developing the palmyra sector and supporting farmers cultivating the palmyra tree, the State tree of Tamil Nadu.

The Rs 16-crore allocation will be utilised for initiatives such as neera processing, palm jaggery production, and the promotion and export of value-added palm products. The Corporation will also undertake measures to enhance the livelihood of farmers engaged in palmyra cultivation.