TN plans new industrial parks, FinTech City, life sciences policy

Chennai, Aug 14: Setting up of parks for manufacture of defence components/international furniture/electronic vehicle/medical devices/leather products/food products, establishing a Fintech City and coming out with a new “Life Sciences – Research and Development and Manufacturing Policy” are on the cards of Tamil Nadu government.

Presenting the budget for 2021-22 Finance Minister Palanivel Thiaga Rajan, taking a dig at the Central government said: “Although the Government of India announced establishment of Defence Industrial Corridors connecting Hosur, Salem, Tiruchirapalli and Coimbatore, the support of the Union Government has been limited.”

“The state government will take this project forward with the establishment of a defence component manufacturing park at Coimbatore over 500 acres at a cost of Rs 225 crore. This park is expected to attract investment of Rs 3,500 crore,” Rajan said.

According to him, an international furniture park will be set up at a cost of Rs 1,000 crore on 1,100 acres of land in Thoothukudi district, to attract investment of Rs 4,500 crore and enable employment of 3.5 lakh persons.

An electronic vehicle park at Maanallur in Tiruvallur district, a medical devices park at Oragadam in Kancheepuram district, leather product park at Panappkkam in Ranipet district and three food parks will be established at Manaparai, Theni and Tindivanam, Rajan said.

A 60 MLD Sea Water Desalination Plant at Thoothukudi for industrial units and 10 MLD TTRO plant for industries at Hosur will be established.

According to him, a Fintech policy will be released shortly. A separate ‘FinTech Cell’ will be formed in guidance to facilitate the establishment of Fintech companies in Tamil Nadu. A Fintech city in Chennai will be developed in two phases at Nandambakkam and Kavanur.

The first phase will be developed at Nandambakkam at an estimated cost of Rs 165 crore, Rajan said.

A new Policy for “Life Sciences – Research and Development and Manufacturing” will be released shortly to enable Tamil Nadu to strengthen its presence in these emerging sectors, he added.