December 1, 2021

The World Stock Markets Tips & Targets, News, Views & Updates

The World Stock Markets Tips & Targets, News, Views & Updates

Tamil Nadu govt categorises specialty chemicals and petrochemicals as ‘sunrise’ sectors

Tamil Nadu has categorized specialty chemicals and petrochemicals as sunrise sectors to extend financial support through additional incentives, state Minister for Industries, Thangam Thennarasu said on Thursday. The government has leveraged investments for setting up three large petrochemical projects in Tuticorin, Nagapattinam and Cuddalore, the Minister said while addressing the Global Chemical and Petrochemical Manufacturing Hubs in New Delhi.

“This would ensure supply of all required feed stock to strengthen and position the state as the petrochemical investment destination,” he said. He pointed out that the projects would create immense potential for downstream investment opportunities from large to smaller companies to be a part of the growth story. Noting that the vision of Tamil Nadu and the Union government was aligned together to capitalize the manufacturing sector’s growth potential, he said the aspiration of the government was to make Tamil Nadu a USD 1 trillion economy by 2030.

“We understand that chemicals and petrochemicals are the feed stock for every industry and this sector plays a vital role in the states’ industrialization, making Tamil Nadu — manufacturing and economic power house”, he said. According to Thennarasu, Tamil Nadu is the third largest contributor to country’s chemical output housing more than 2,500

with strong chemical industrial ecosystem.
To further strengthen the ecosystem, he said the state government has established a Tamil Nadu Polymer Park across 306 acres near Chennai to cater to the needs of plastic manufacturing and logistics.

“We have proposed to establish a pharmaceutical park and textile park in the state”, he said, adding the government also aims to set up “sector specific clusters” for electronics, goods, furniture and petrochemicals.

“Recently, we have launched the TN Single Window portal 2.0 which facilitates the investors with over 100 services. This system ensures that all necessary clearances are accorded within the timelines”, he said.

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