TN Cabinet clears investment worth Rs 7,108 cr; TN Port Policy approved

CHENNAI: The State Cabinet chaired by Chief Minister M K Stalin on Tuesday cleared investments to the tune of Rs 7,108 crore by eight firms.

The Cabinet also approved the State Port Development Policy 2023 designed to woo more private investment and promote industrial growth in the State.

Talking to media persons after the meeting at the State Secretariat, State Finance Minister Thangam Thennarasu said that firms were vying to invest in Tamil Nadu, and several new and existing firms have submitted their proposals to invest in the State.

Stating that as many as eight firms, including those doing business in the State, have applied for consolidated structural concessions for their capacity addition, Thennarasu said the cabinet scrutinized and approved the proposals. Districts like Chengalpet, Kancheepuram, Ranipet, Krishnagiri, and Coimbatore among others would benefit from the Rs 7,108 crore investment, which would generate 22,536 jobs in the State.

Stating that the investments would be made in sectors related to the manufacture of EV automobile components, glass, space, and defence components besides R and D, the Finance Minister said that the Cabinet also approved the State Port Development Policy 2023.

Reasoning that Tamil Nadu, which is a frontrunner in industrial investment, has a sprawling coastline comprising four major and several minor ports, the Minister said that a good port infrastructure was needed to promote industrial growth in the State.

Arguing that the state had designed a minor ports policy in 2007, Thennarasu said that the State Port Development Policy 2023 has been framed taking into account the competition from other states in the sector in the last 16 years and the need to woo private investment in the Port sector.