As the Tamil Nadu government is all set to announce its Industrial Policy, the State is nevertheless targeting a 14 percent in manufacturing, Tamil Nadu Chief Minister J Jayalalithaa said in Chennai yesterday, according to a BL report.
The Chief Minister, J Jayalalithaa, releasing the book ‘IOB- 75 years in the service of Tamil Nadu’ and handing it over to the CMD, Indian Overseas Bank, M Narendra, at the special Platinum Jubilee Celebrations of the bank in Chennai on Friday. Photo courtesy: BL.
Stating that the Tamil Nadu Government was giving final touches to the Industry specific policies including Automobile, Auto Components, Biotechnology, Aerospace and Renewable energy with special emphasis on solar power generation, the Chief Minister said.
The Tamil Nadu Government will introduce a ‘New Entrepreneur-cum-Enterprise Development Scheme' (NEEDS) in the current financial year. The initiative was to train young and enterprising entrepreneurs and guide them through the initial stages of their new ventures to obtaining assistance from financial institutions, she said.
Delivering a special address at the Platinum Jubilee celebration of the Indian Overseas Bank in the city yesterday, Jayalalithaa said the Tamil Nadu had a historical advantage in Micro, Small and Medium Enterprises sector but 'Of late, the growth of this critical sector has slowed down'. What is more, NEEDS will address this issue. She opined that banks should look beyond education loans and finance start-ups to promote entrepreneurship.
M Narendra, CMD of Indian Overseas Bank added that the bank has registered phenomenal growth in business as well as branch network across the country in the last 18 months. Furthermore, IOB has also won several accolades for its inclusive banking with tribal groups in Nilgiris in Tamil Nadu.