The Coimbatore chapter of Indian Chamber of Commerce and Industry (ICCI) on Tuesday thanked Prime Minister Narendra Modi and Defence Minister Nirmala Sitharaman for setting up the defence industrial corridor envisaging a total investment of Rs 3,100 crore in Tamil Nadu.
The Prime Minister's vision will pave the way for Tamil Nadu's development and facilitate further investment in the defence corridor and create enormous scope for scaling up production of defence equipment through MSMEs, Chamber president V Lakshminarayanasamy said.
The initiative of the Centre will also boost indigenous production of defence equipment and ensure connectivity among various defence industrial units, he said in a statement here.
The chamber also thanked the government for sanctioning the country's first Defence Innovation Hub to CODISSIA (Coimbatore District Small Industries Association) here and appealed for sourcing of components from Coimbatore MSMEs, since they have huge spare capacity.
He also thanked the Tamil Nadu government for the support in bringing this project to the state and requested to form defence clusters in nodal cities for attracting investments in the corridor.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
