TN gets Rs 60,674 cr investments despite COVID pandemic, CM to unveil new Industrial policy

Delivering his customary New year address to the State Assembly, he said the New Industrial Policy has been approved by the Government and will be unveiled shortly, providing a further fillip to industrial growth.

The Government headed by Chief Minister Edappadi K Palaniswami appointed a High Level Expert Committee under the chairmanship of Dr. C. Rangarajan, former Governor of the Reserve Bank of India and former Chairman of the Prime Minister’s Economic Advisory Council, to recommend a series of measures to help important sectors of the economy overcome the impact of the COVID-19 pandemic and to support and promote further growth.

The Government’s action on many recommendations of the High Level Committee report was having a favourable impact on economic growth.

'We are already seeing strong signs of revival in the economy', Mr Purohit said.

He said with the pro-active approach of the Government to encourage investment in sectors critical to the pandemic response like medical equipment, protective clothing, drugs and pharmaceuticals and the efforts to attract investors seeking to relocate in the aftermath of the pandemic, Tamil Nadu was able to attract an unprecedented Rs.60,674 crore worth of investment through 73 Memoranda of Understanding generating employment for 1,00,721 persons, even during the pandemic period.

Tamil Nadu received the highest share of investment proposals (16 per cent) in India during April to September, 2020 as per the CARE ratings report.

Tamil Nadu has been ranked first by ‘Projects Today’ in attracting investment during the first two quarters of the COVID-19 pandemic period, the Governor said.

'This reflects the continued confidence that investors have reposed in Tamil Nadu and forms the foundation for the strong and sustained rebound of economic growth in the State', he added.