Tamil Nadu CM M K Stalin on October 8th launched the Aerospace and Defence Industrial Policy, 2022 hinting to make the state as the preferred destination of investment in the sector. The policy aims to attract investments worth Rs 75,000 that would create job opportunities for more than 1 lakh over the next decade.
The Tamil Nadu govt for the accomplishment of the project has launched a land cost incentive scheme which will enable allotment of land at a 20 percent concessional rates in cat A and B districts and 50 percent concessional rate in Cat C.
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“The policy also focuses on channelizing the state’s strengthen in automobile, electronics, precision manufacturing, heavy engineering, textile, and related sectors to support the evolution of A&D ecosystem, a senior official said during the launch.”
The policy valid through March 2026, focuses to establish a robust world-class ed-tech and efficient aerospace and defence (A&D0 manufacturing ecosystem in the state.
The state promises to provide a conducive environment and strategic support to global equipment manufacturers and Tier-1 suppliers and Indian majors which would foster the ecosystem through the development of innovation centres and start-ups.
Besides these, perks like 100 percent concession on stamp payable duty on the lease or purchased govt lands, and complete exemption on electricity tax on power purchased from TANGEDCO or generated and consumed from captive sources for the first five years from the date of commercial productions.