New industrial policy to suit present tax regime on the anvil

The Tamil Nadu government is in the process of formulating a new industrial policy to suit the present tax regime, a top official in the industries department said on Friday.

Since the current policy is VAT-based, the government is in the process of formulating the post-GST policy to boost further growth of the industrial sector, principal secretary to government, industries department, N Muguganandam said here.

He was speaking at the inauguration of Aerospace Tool Design and Manufacturing Programme, a 'Skill India' initiative by Boeing Company, at GRD Institute for Technological Resources, a unit of Lakshmi Machine Works (LMW).

Stating that Tamil Nadu the best human resources at the world-level, resulting in best and quality products, he said the state has become one of the most preferred destinations for global investors.

LMW chairman and managing director Sanjay Jayavarthanavelu said the first batch of 32 students inducted in the programme would undergo a 12-month training.

The programme was aimed at providing quality technical education and developing skilled manpower and LMW would continue to support such programmes to ensure that the skilled workforce was able to deliver high-quality products for the aerospace industry in the country and the region, he said.

The programme curriculum, designed by Learning Links Foundation, would include classroom sessions, hands-on training and lecture sessions by industry experts.

Boeing India Pvt Ltd director (Supply Chain Management) Ashwani Bhargava said aerospace was different from other sectors as quality and safety were important and cannot be compromised.