Finances, GDP, ease of business priorities of DMK govt: Finance minister

Improving Tamil Nadu’s financial position in the wake of the COVID-19 pandemic, increasing its contribution to the country’s GDP and reducing the interest payments of the state are the priorities of the DMK government, Finance minister Palanivel Thiagarajan has said.

The government will adopt a more inclusive approach in taking policy decisions to achieve these goals, he said in Chennai on Saturday, addressing members of the Confederation of Indian Industry’s (CII) Tamil Nadu unit.

“Tamil Nadu has to take back its first position in the growth rate at country level, for which the government will initiate more proactive measures,” Thiagarajan said.

Safeguarding micro, small and medium enterprises and improving ease of doing business will attract more investment and generate employment opportunities in the state,
he said.

“Fixing the financial position of the state, increasing the state’s contribution to the National GDP from 10 per cent to 14-15 per cent, and reducing the interest payment of the state are the priorities of the present government,” he said.

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During their interaction with the minister, CII members suggested steps the government could take to meet its goals.

CII Southern Region chairman CK Ranganathan said the state has a vibrant ecosystem to attract investment in the banking and financial services sector. He urged Thiagarajan to revive the FinTech City and suggested that the government help in restructuring MSME loans.

Other suggestions included reduction of 50 per cent in road tax to give a boost to automobile sales, digitisation of vehicle registration to ensure transparency and an exclusive package for investors to set up units in Tier II and III cities.

The members also urged the minister to set up a petrochemical industrial park in the state and to take measures to up-skill and re-skill the youth.