States' gross tax collections likely to witness significant contraction in FY2020-21. May 2020
The Chennai-Kanyakumari Industrial Corridor worth Rs 64.48 billion is expected to become a reality as the Tamil Nadu Government has passed a bill to amend the Tamil Nadu Industrial Township Area Development Authority Act, 1997 (TNITADA).
The government is expected to create a special purpose vehicle (SPV) for the industrial development, which will plan, develop, administer and maintain the industrial area. The amendment of the act will result in establishing a dedicated authority for proposed node, and thus, the industrial townships will be notified. As reported, the project has six nodes, namely, the Madurai-Virudhnagar-Dindigul-Theni node, the Thoothukudi-Tirunelveli node, the Cuddalore-Nagapattinam node (the proposed Petroleum, Chemicals and Petrochemicals Investment region), Ariyalur and Perambalur, Tiruchirapalli-Pudukottai-Sivaganga and Ramanathapuram (the proposed National Investment and Manufacturing Zone). As per the requirements of the Department of Industrial Policy and Promotion, a SPV is expected to be created for these nodes. The body would also have the powers and functions of a planning and development authority.
The first phase of the Chennai-Kanyakumari Industrial Corridor project will have Madurai-Virudhnagar-Dindigul-Theni and Thoothukudi-Tirunelveli nodes. The project is expected to cover 23 of 32 districts in Tamil Nadu, accounting for 64 per cent of Tamil Nadu’s area and 70 per cent of total population. The focus of the corridor will be on manufacturing.