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Posted on Nov 05, 09:45PM | IANS
Tamil Nadu Chief Minister J. Jayalalithaa Monday said her government would introduce a slew of new policy reforms for industries with innovative features.
Speaking at a function where the state government signed Memoranda of Understanding (MoU) with 12 industries with a total investment of Rs.20,925 crore, Jayalalithaa said: "My government is currently set to introduce new policy reforms that include a new industrial policy, automobile and auto parts policy, aerospace industry policy, biotechnology policy and much more."
She added: "The Tamil Nadu Solar Energy Policy 2012 promoting solar and wind power projects has been unveiled on the 20th of October, 2012. All these policies have a number of innovative features that will make Tamil Nadu a leader in these areas."
"In the automobile and auto parts policy to be shortly released, I have set a goal to make Chennai the world's largest auto hub," she said.
Declaring her government's commitment to catapult the state onto a higher growth orbit on par with countries like Malaysia, Thailand and South Korea, Jayalalithaa said the government is confident of attracting over Rs.100,000 crore of new investments in the manufacturing sector.
Jayalalithaa said the state government would create a hospitable and conducive climate for investment and enterprise and also work hard to improve the quality of governance at all levels and remove growth barriers.
Jayalalithaa said the incremental investment attracted by the state between May 2011 and June 2012 was Rs.68,527 crore.
On foreign direct investment (FDI), she said: "FDI is often a double-edged sword, and the government needs to handle it dexterously. FDI in some fields is purely based on private rationality with the underlying principle private gain at social loss. The recent decision of the (central) government to open up our retail business to FDI is fraught with the danger of destroying our small business ventures that provide jobs to millions of our people."