Chennai, Jun 28 (IANS): Tamil Nadu Industries Minister T. R. B. Rajaa on Friday said the government will come out with policies for the space technology industry, toy manufacturing and circular economy investment promotion.
Speaking in the state Assembly, Rajaa also said the State Industries Promotion Corporation of Tamil Nadu (SIPCOT) will be setting up industrial parks in several parts including land acquisition for tourism development under the public-private-partnership (PPP) model.
He also said the state's stellar performance in the industrial sector continued to be impressive in 2023-24, contributing 11.46 per cent of India's Industrial Gross Value Addition (GVA) and 13.12 per cent of India's manufacturing GVA.
Within the State, the manufacturing sector contributed to 18.33 per cent of the State's gross domestic product (GDP) generating a GVA of Rs.4.9 lakh crore.
In 2023- 24 the State's GDP reached Rs 27 lakh crore, with a year-on-year growth of 14.19 per cent with a share of 9.19 per cent of India's GDP, thereby retaining its position as the country's second-largest State economy.
Along with Chennai, in recent times, tier II cities in the State are also attracting Global Capabilities Centres (GCCs), Engineering R&D Centres, and Business Processing Firms creating higher-order jobs for the technologically strong youth, Rajaa said.
The State has been able to attract investments from domestic and global companies across diverse sectors and value chains, through focussed policy interventions and effective facilitation. This has enabled investments to the tune of Rs 9.74 lakh crore with employment to 18.7 lakh persons since May 2021. These investments have led to the creation of new growth centres across the State, Rajaa added.
SIPCOT is developing a land bank of around 45,000 acres in strategic locations with a special focus on industrially backward districts.
Initiatives have also been taken by SIPCOT and Tamil Nadu Industrial Development Corporation (TIDCO) to establish sector-specific industrial parks with special infrastructure and common facilities and testing centres that would enable mutual growth of large industries, Micro, Small and Medium Enterprises (MSMEs) and other support services, Rajaa said.