Lenovo proposes to set up unit in Puducherry: Narayanasamy

Multi-national technological company, Lenovo has proposed to make an investment of Rs 2,000 crore towards the setting up of a smartphone manufacturing unit in Puducherry, Chief Minister V Narayanasamy said here today.
Making the announcement in the Assembly here, the Chief Minister said, a delegation of Lenovo recently visited him and expressed interest to set up a Rs 2,000 crore projectto make smartphones in Puducherry.
"We should provide them concessions and facilities as the unit they are contemplating would provide jobs to technically qualified youth in Puducherry," he said while announcing the government's decision to roll out a new industrial policy.

"Our government is keen to strengthen the fiscal position of Puducherry and to tackle unemployment problem.
"For this, we should go in for an effective policy to attract entrepreneurs from outside Puducherry to start their units here with several concessions," he added.
Narayanasamy also announced the government was in the process of finalising a slew of concessions and subsidies to entrepreneurs setting up industries in Union Territory.

"There is a competition among bigger states to offer concessions and various subsidies to entrepreneurs to establish industries in those states.
"We cannot lag behind and there is every need on our part to provide capital and interest subsidies and make available land to the entrepreneurs," he said while wrapping up two-day debateon the budget for the fiscal2016-2017."

With 75 per cent of the budgetary allocations being spent on committed expenditure including monthly wages and salaries, payment of interest for loans raised by the government and to purchase electricity, he said the government was to make do with the remaining 25 per cent of allocations for welfare measures.
"There is therefore every need to strengthen the financial position here," he added.