International Furniture Park to come up in Thoothukudi

An Electronic Vehicle Park at Maanallur in Tiruvallur district, a Medical Devices Park at Oragadam in Kancheepuram, Leather Product Park at Panappkkam in Ranipet and three Food Parks at Manaparai, Theni and Tindivanam were also announced in the revised budget.

FinTech city in Chennai

Announcing a separate FinTech policy to tap the state’s potential, the Finance Minister also promised a separate ‘FinTech Cell’ to facilitate establishment of FinTech companies in the state. He announced a Fintech city in Chennai in two phases at Nandambakkam and Kavanur with the first phase at Nandambakkam estimated at a cost of Rs 165 crore.

Tidel parks will now be established in Tier II and Tier III towns, to begin with Thoothukudi, Vellore, Tirupur and at Thiruchitrambalam in Villupuram. The government has also proposed to establish a Rs 225 crore defence component manufacturing park spread across 500 acres in Coimbatore to attract Rs 3,500 crore investment. New SIPCOT parks in Tiruvannamalai, Dharmapuri, Tirunelveli, Virudhunagar, Sivaganga, Villupuram, Namakkal, Theni and Nagapattinam have also been proposed. In the first phase, Rs 1,500 crore will be spent to develop 4,000 acres in these new parks.

Other industries announcements

The Registration Act is being amended to facilitate online registration of Memorandum of Documents without personal appearance which will ease access to credit.A State Level Credit Guarantee Scheme to enable more MSMEs, particularly micro enterprises to access credit.

The state will handhold MSMEs which want to raise equity capital from stock exchanges and the cost of listing, up to Rs 30 lakhs will be borne by the government. Five mega clusters in Pharmaceutical, Petro Chemicals, Precision Manufacturing, Defence and Aerospace, and Smart Mobility sectors will be established at a cost of Rs 100 crore each. TANSIDCO will also establish land banks at five places over a total extent of 265 acres. Affordable rental housing complexes for MSME workers will be built in Chennai and Coimbatore.