New policy on the anvil for MSME sector: Jayalalithaa

CHENNAI: Tamil Nadu Chief Minister Jayalalithaa today said a new policy will be formulated for the growth of Micro, Small and Medium Enterprises (MSMEs) in the State, and announced an international study to increase the competitiveness of the sector.

She also announced that a multi-storied industrial complex will be set up here at a cost of Rs 100 crore.

"A new industrial policy will be formulated for the MSMEs so as to make Tamil Nadu Asia's capital of MSMEs," she said in a suo motu statement in the Assembly.

The new policy will meet the challenges faced by the MSMEs and pave the way for easily attaining the goals set out in Vision 2023 for Tamil Nadu, she said.

"An international study will be undertaken to increase the global competitiveness of the MSME sector which has already witnessed high growth," she said.

The study will evaluate the present competitiveness of the MSMEs vis-a-vis such global competitors. It would help the State's MSMEs to see higher growth, she said.

Announcing a multi-storied industrial complex at a cost of Rs 100 crore at the Guindy Industrial Estate here, she said the initiative was necessary due to scarcity of land for expansion and to meet the needs of the industries.