Chennai, Jun 2 (PTI): The Tamil Nadu government was engaged in formulating a new investment policy and was also developing an incentive package to attract companies engaged in electronics and hardware manufacturing sector, a state minister said on Tuesday.

Industries Minister M C Sampath during the 'Invest India webinar on electronics system design and manufacturing' said the government was also mulling at setting up clusters for electronics and hardware sectors in the state.

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Addressing top executives of various companies, the Minister informed them that the state was developing a 'new investment policy' and 'relocation package' for companies engaged in electronics and hardware manufacturing.

He also told the industrialists that the state was 'power surplus' and ensured continuous power supply to companies planning to set up shop in the state.

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The decision to hold the webinar was to attract global business leaders who are keen to know about the industrial climate in India as the global economy was gradually recovering following the impact of COVID-19, an official release said.

During the webinar, government officials from Tamil Nadu, Karnataka, Andhra Pradesh and Haryana took part.

Foxconn India managing director Josh Foulger said the support of the Tamil Nadu government for setting up the manufacturing facility was a critical factor for the success of his project in the state.

Industries Department principal secretary N Muruganandam highlighted the diversified manufacturing base in Tamil Nadu, vibrant ecosystem and invited the members to explore investing in the state.PTI VIJ SS

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)