Chennai, Feb 14 (IANS): Tamil Nadu Deputy Chief Minister O. Panneerselvam on Friday said the state will come out with a new industrial policy offering GST regime-compatible incentives.

Presenting the state budget for 2020-21 in the Assembly Panneerselvam said: "The government of Tamil Nadu to shortly launch a new industrial policy will provide GST regime compatible incentives."

In the Budget estimates for 2020-21, a sum of Rs 2,500 crore has been provided for payment of industrial incentives, he said.

He also said the largest single investment till date in Tamil Nadu of Rs 49,000 crore will be made by the Al Qebla Al Watya Group of Kuwait in a petroleum refinery and petrochemical complex near Thoothukudi.

This investment is expected to generate sizeable downstream benefits including large employment in the southern districts of Tamil Nadu.

He said the government had unveiled a very progressive Tamil Nadu Electric Vehicle Policy in 2019, with the dual objective of making electric vehicles (EVs) the preferred mode of mobility and positioning the state as a manufacturing hub for EVs, components and charging infrastructure.

Panneerselvam said the Ponneri Industrial Node of the Chennai-Bengaluru Industrial Corridor (CBIC) will be developed on an area of 21,966 acres in Thiruvallur district.

The State Support Agreement and Shareholders' Agreement for this project have been approved.

The Chennai-Kanyakumari Industrial Corridor (CKIC) will be implemented in partnership with the Asian Development Bank as a second phase of the East Coast Economic Corridor.

Preparatory work for setting up a Fintech City on 300 acres near Kattupakkam has commenced. The pre-feasibility study on alternative sites for setting up a greenfield airport in Chennai has also been completed and preparatory work has started.