To attract investors, TN mandates industrial approvals within 21 days

CHENNAI: The Tamil Nadu Investment Promotion Commission (TNIPC) has directed all government departments to strictly adhere to the mandatory 21-day deadline for granting industrial approvals. It has also recommended introducing deemed approval provisions if clearances are not issued within the stipulated period and initiating action against officials responsible for violations.

At its first meeting of the TNIPC chaired by Chief Secretary M Sai Kumar at the Secretariat on Friday, the commission reviewed the progress of investment projects worth over Rs 1.14 lakh crore and discussed measures to accelerate industrial development, simplify business approvals and boost exports. Senior officials from various departments and representatives of leading industrial organisations attended the meeting.

According to an official statement, 112 memoranda of understanding (MoUs) involving investments of over Rs 1.14 lakh crore and promising employment opportunities for 1,42,271 people have been signed since May 6. Of these, 83 projects have reached the land acquisition stage or beyond, accounting for 74.11% progress in implementation.

The commission also reviewed 37 industry-related announcements made under the Vetri Tamilagam Vision Document, of which implementation has commenced for 18.

On the proposed Industrial Policy 2027, the commission directed officials to expedite its preparation following consultations with stakeholders that began in July 2026.

It noted that industrial subsidies worth Rs 2,000 crore had been disbursed in the past six months, exceeding the annual disbursement of Rs 1,700 crore in the previous period. It sought an additional allocation of Rs 1,600 crore to extend subsidies to new projects emerging from the MoUs.

The commission also reviewed the state's export performance and initiatives to increase merchandise exports from the existing $59 billion to $72 billion.