Indian Chamber of Commerce and Industry (ICCI), Coimbatore has welcomed the announcement of Tamilnadu's New Industrial Policy 2021.
Coimbatore: Indian Chamber of Commerce and Industry (ICCI), Coimbatore has welcomed the announcement of Tamilnadu's New Industrial Policy 2021.
'ICCI', Coimbatore, President, C Balasubramanian in a press release stated that,"The Indian Chamber of Commerce and Industry, Coimbatore on behalf of its members - Trade, Industry, Service and Member Associations whole heartedly welcomes the announcement of Tamilnadu's New Industrial Policy 2021 and thank the Hon'ble Chief Minister of Tamilnadu for this growth oriented Industrial Policy.
We note that the objective of the Industrial Policy is to achieve an annual growth of 15% in the manufacturing sector with attract investments worth of rupees 10 Lakhs crore and create jobs for 20 lakh people by 2025.
The Industrial Policy also encourages relocation of firms.
We also welcome the following salient features of the Policy.
1. Capital subsidy 25% with a maximum limit of Rs 50 lakhs is raised to Rs 150 lakhs.
2. Thousand crores infusion into TIIC will strengthen the industries.
3. Rs 500 crores for the development of new industrial estates.
4. Incentives to companies looking to relocate from other countries.
5. Incentives to the sunrise sectors - Identified sunrise sectors are aerospace and defence applications, agro and food processing, electronic system design and manufacturing, electric vehicles, electric vehicle cell and battery manufacturing, hydrogen fuel, biotechnology, petro chemicals and speciality chemicals.
6. Special incentives packages for developers of Private Industrial Parks.
7. Labour laws flexibility in employment conditions flexible working hours 24x7 operations employment of women in night shifts and flexibility in hiring contract labour will be permitted.
8. Importance given to the social front physically challenged people and transgender for employment.
However, we would like to point out that support to the ailing MSME's which are affected by Covid-19 by way of additional Moratorium for repayment of loan EMI's, extension of Emergency Credit Line Guarantee Scheme of the Central Government are not found in the Industrial Policy.
As rightly mentioned by the Hon'ble Chief Minister the Industrial Policy is designed to boost the new sunrise sectors like food processing and attention is given for promotion Research and Development and adoption of technology in manufacturing."It is said.
'ICCI', Coimbatore, President, C Balasubramanian in a press release stated that,"The Indian Chamber of Commerce and Industry, Coimbatore on behalf of its members - Trade, Industry, Service and Member Associations whole heartedly welcomes the announcement of Tamilnadu's New Industrial Policy 2021 and thank the Hon'ble Chief Minister of Tamilnadu for this growth oriented Industrial Policy.
We note that the objective of the Industrial Policy is to achieve an annual growth of 15% in the manufacturing sector with attract investments worth of rupees 10 Lakhs crore and create jobs for 20 lakh people by 2025.
The Industrial Policy also encourages relocation of firms.
We also welcome the following salient features of the Policy.
1. Capital subsidy 25% with a maximum limit of Rs 50 lakhs is raised to Rs 150 lakhs.
2. Thousand crores infusion into TIIC will strengthen the industries.
3. Rs 500 crores for the development of new industrial estates.
4. Incentives to companies looking to relocate from other countries.
5. Incentives to the sunrise sectors - Identified sunrise sectors are aerospace and defence applications, agro and food processing, electronic system design and manufacturing, electric vehicles, electric vehicle cell and battery manufacturing, hydrogen fuel, biotechnology, petro chemicals and speciality chemicals.
6. Special incentives packages for developers of Private Industrial Parks.
7. Labour laws flexibility in employment conditions flexible working hours 24x7 operations employment of women in night shifts and flexibility in hiring contract labour will be permitted.
8. Importance given to the social front physically challenged people and transgender for employment.
However, we would like to point out that support to the ailing MSME's which are affected by Covid-19 by way of additional Moratorium for repayment of loan EMI's, extension of Emergency Credit Line Guarantee Scheme of the Central Government are not found in the Industrial Policy.
As rightly mentioned by the Hon'ble Chief Minister the Industrial Policy is designed to boost the new sunrise sectors like food processing and attention is given for promotion Research and Development and adoption of technology in manufacturing."It is said.