TN to set up Rs 100 cr infra fund for export units

Chennai, March 18 (SocialNews.XYZ) The Tamil Nadu government will set up a Rs 100 crore special fund to build the necessary infrastructure for export oriented organisations, said Finance Minister P Thiaga Rajan.

Presenting the state budget for 2022-23 in the Assembly on Friday Rajan said: "A special fund of Rs 100 crore will be created to build the required public infrastructure for export organisations in Tamil Nadu. This fund will be used to set up skilling centres, testing centres, export warehouses, and inland container depots with contribution from industries and industry associations."

He said the government will contribute Rs 50 crore to the Emerging Sector Seed Fund for making equity investments in the state based start-ups.

According to him, the government will come out with a new Footwear and Leather Industry Development Policy as non-leather footwear and leather related industries to provide job opportunities.

With the central government's assistance two electronic product manufacturing clusters will be set up at Pillaipakkam and Manallur and new industrial parks in Coimbatore, Perambalur, Madurai, Vellore and Tiruvallur districts to promote industrial development across the state.

Rajan said a State Start-up Hub Centre with all facilities will be established by the Tamil Nadu Industrial Development Corporation (TIDCO) at Nandambakkam in Chennai at an estimated cost of Rs 75 crore.

In order to support the start-ups based in Tamil Nadu, government departments and public sector undertakings will be allowed to do direct procurement of innovative manufactured products up to Rs 50 lakh.

Source: IANS