Chennai, Feb 21 (IANS): Tamil Nadu Chief Minister J. Jayalalithaa Friday said structural transformation and increasing the share of the manufacturing sector in the economy is critical for placing the state on a higher growth trajectory.
Releasing the second phase of Tamil Nadu Vision 2023 document here, she said: "The core of this transformation lies in increasing the share of manufacturing. The share of the manufacturing sub-sector in GSDP (gross state domestic product) is less than 17 percent now and the Vision 2023 intends to raise it to at least 22 percent by 2022-23."
She also released three new policies -- Tamil Nadu Industrial Policy, 2014; Tamil Nadu Biotechnology Policy, 2014; and Tamil Nadu Automobile and Auto Components Policy, 2014.
Jayalalithaa said the second phase of the Vision 2023 document contains reports on sector strategy approach and profiles of 217 projects in six major sectors - energy, transport, industrial and commercial infrastructure, urban infrastructure and services, agriculture and human development.
According to her, as per the suggestions received, the investment envisaged in the agriculture sector is being substantially stepped up from Rs.40,000 crore to Rs.1,21,400 crore.
The projected investment in the human development sector has also been increased from Rs.30,000 crore to Rs.59,140 crore.
She said the new Industrial Policy, 2014 would strengthen the state's competitiveness as a world class manufacturing hub and also result in generating over two million jobs.
The new policies for automobile and auto components sectors focus on future development and consolidation of the automobile and components industry where Tamil Nadu enjoys a comparative advantage, she remarked.
"It aims to generate 500,000 jobs and make Chennai one of the world's top five auto clusters," Jayalalithaa said.
She added the state's new policy for the biotechnology sector would give an impetus to the sector.
According to her, the state-of-the art TIDCO Centre for Life Sciences (TICEL-II) with a built-up area of 600,000 square feet with bio-safety levels two and three are coming up here.
She also urged the industries for active participation in the proposed global investor meet this October.
The state also signed 16 memorandums of understanding (MOU), involving an investment of Rs.5,081 crore.