Financial Daily from THE HINDU group of publications
Thursday, Jul 11, 2002
Financial Daily from THE HINDU group of publications Thursday, Jul 11, 2002 |
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Industry & Economy
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Industrial Policy TN Govt launches scheme to promote agro industries Our Bureau
CHENNAI, July 10 THE Tamil Nadu Government has passed orders implementing a new scheme to encourage establishment of one or more agro-based industries involving investment of at least Rs 1 crore in each of the 385 blocks in the State. According to official information, the investments would be encouraged through the New Anna Marumalarchi Thittam, which supplants the existing programme, the Anna Marumalarchi Thittam. The initiative earlier announced in the Governor's address and in the Budget for 2002-03 will be co-ordinated by the Small Scale Industries Department, the nodal agency, and the Tamil Nadu Industrial Investment Corporation, the principal funding agency. The projects implemented under the scheme will be linked to the wasteland development programme, which envisages involvement of the corporate sector in a big way. The objective is to enhance investments in agro-based investments and increase employment opportunities in rural areas. Units including those in horticulture processing, flower-based extracts, and coir-based products can obtain subsidies under the scheme. While the promoter will have to contribute 20 per cent of the project cost, a host of subsidies have been made available. These include a special capital incentive scheme providing 15 per cent subsidy on plant and machinery with a ceiling of Rs 15 lakh per block, low-tension power tariff subsidy of 30 per cent during the first year and 20 per cent and 10 per cent during the second and third years and generator subsidy of 15 per cent on the cost with a ceiling of Rs 5 lakh. Units with women constituting more than fifty per cent of the workforce will be eligible for an additional five per cent capital subsidy with a limit of Rs 5 lakh. The units will be eligible for market development assistance by TIIC, which will accommodate the project under the National Equity Fund Scheme, and also provide the subsidy bridge loan to enable implementation of the project. The units will be provided, on priority basis, access to water supply, roads and power. A district-level committee headed by the Collectors will facilitate the projects, identify potential projects for promotion, organise for contract farming and link it to the wasteland development programme whenever feasible.
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