TN's main export sectors hit by global recession

Tamil Nadu Deputy Chief Minister M K Stalin today said the state continues to be a favourite destination for investment in spite of major exporting industries like textile, leather and automobile hit by slump in demand overseas.

In the last three years, 22 MoUs for setting up new industries had been signed, Stalin said, adding the state government has approved concessions for eight industrial projects.

He was while addressing a meeting with the presidents of various industry chambers here.

Citing a report by Centre for Monitoring Indian Economy, Stalin said, "As of March 2009, the state has got investments to the tune of Rs 1.68 crore registering an increase of 41 per cent as compared to last year."

He said during the coming assembly session, a bill that provides single window clearance for setting up new industries would be brought.

In a bid to overcome the power shortage, he said the Tamil Nadu Electricity Board would call for tenders for purchase of 500 MW of power.

Stalin said with the Kudankulam Power projects, National Thermal Power Corporation (NTPC) projects, Vallur Thermal power projects, North Chennai Thermal Power projects, Tamil Nadu would get 2,100 MW of additional power by 2010-2011.

"Steps are being taken to make available 1,000 MW of power within this financial year," he said.