Tamil nadu to hold Global Investors Meet

Aims to promote the growth of industry and infrastructure in the state

To attract investments, Tamil Nadu will hold a Global Investors Meet in October while green corridors will be set up to transmit wind power, state Finance Minister O. Panneerselvam said Thursday.

He also announced setting up of 100 Amma Marundagams (Amma Medical Shops), a medical shop that would sell drugs at cheaper rates.

Presenting a tax-free and revenue surplus budget for 2014-15 in the assembly he said: "In order to further promote the growth of industry and infrastructure in the state, the government will host a Global Investors Meet in Chennai in October 2014, for which an outlay of Rs.100 crore has been provided in this Budget."

On the industrial investment front, Panneerselvam said from May 2011 (when the AIADMK came to power) memorandum of understanding (MOU) have been signed for a total investment of Rs.26,625 crore, of which Rs.10,660 crore of actual investment has been realised till date.

"A special purpose vehicle will be formed soon to implement the Madurai Thoothukudi Industrial Corridor for which the detailed project report has already been prepared," he said.

Panneerselvam said Tamil Nadu Transmission Corporation would set up a green energy corridor at an investment of Rs.1,593 crore to evacuate wind power. The project would also get funding assistance from KfW, a German agency.

He said the Chennai Peripheral Ring Road is another ambitious project envisioned by the government. The project will be funded by Japanese International Cooperation Agency (JICA).

He said 17 projects involving bridge works, road works and railway-over-bridges, costing Rs.2,000 crore, will be implemented with financial assistance from JICA.

On the lines of Amma Canteen and Amma Mineral Water selling subsidised food and water, the government would set up 100 Amma Marundagam (Amma Medical Shop) under cooperative sector.

Panneerselvam said a sum of Rs.20 crore will be utilised from the Price Stabilisation Fund for the medical shops.

He also announced the proposed launch of the Tamil Nadu Cotton Cultivation Mission at an initial outlay of Rs.50 crore.

According to Panneerselvam, the government proposes to bring 3.70 lakh acres of land under cotton crop next fiscal and increase it to around 600,000 acres over the next five years.

Currently, cotton in the state is cultivated in 3.34 lakh acres of land producing around 400,000 bales.

Panneerselvam said the revenue surplus project is Rs.289.36 crore and the fiscal deficit is at Rs.25,714.31 crore for the next fiscal.

He said the fiscal deficit is 2.73 percent of the gross state domestic product, less than the three percent limit stipulated by the Tamil Nadu Fiscal Responsibility Act.