Referring to the National Council of Applied Economic Research's State Investment Potential Index Survey, he said the State stands third in the country in "medium investment decisions".
"The single window system in the Tamil Nadu Industries Guidance and Export Promotion Bureau will be strengthened by futher making it online so that investors can get all approvals expeditiously in a hassle free manner at one place", he said while presenting the Budget for 2017-18.
Ensuring timely clearances for projects, he said, "a Committee has been formed under the chairpersonship of Chief Secretary (Girija Vaidyanathan) to monitor the progress of clearances".
The Government has allocated Rs 1,950 crore as investment promotion subsidy and soft loan, he said.
Noting that the proposed Madurai-Thoothukudi Industrial Corridor would change the pace of industrial development in Southern districts, he said "the Government has also created an exclusive land bank of 3,957 acres for industries".
To encourage industrial development in the State, he said Government would undertake the second phase of Tamil Nadu Investment Promotion Programme with Japan International Cooperation Agency (JICA) at an estimated project cost of Rs 1,295 crore.
"Besides improving the policy environment to make the state investor friendly, this scheme will further strengthen infrastructure for industrial development", he said.