Lenovo proposes to set up unit in Puducherry: Narayanasamy

Puducherry, Sept 1 (PTI) Multi-national technologicalcompany, Lenovo has proposed to make an investment of Rs 2,000crore towards the setting up of a smartphone manufacturingunit in Puducherry, Chief Minister V Narayanasamy said heretoday. Making the announcement in the Assembly here, the ChiefMinister said, a delegation of Lenovo recently visited him andexpressed interest to set up a Rs 2,000 crore project to makesmartphones in Puducherry. "We should provide them concessions and facilities as theunit they are contemplating would provide jobs to technicallyqualified youth in Puducherry," he said while announcing thegovernment’s decision to roll out a new industrial policy. "Our government is keen to strengthen the fiscal positionof Puducherry and to tackle unemployment problem. "For this, we should go in for an effective policy toattract entrepreneurs from outside Puducherry to start theirunits here with several concessions," he added. Narayanasamy also announced the government was in theprocess of finalising a slew of concessions and subsidies toentrepreneurs setting up industries in Union Territory. "There is a competition among bigger states to offerconcessions and various subsidies to entrepreneurs toestablish industries in those states. "We cannot lag behind and there is every need on our partto provide capital and interest subsidies and make availableland to the entrepreneurs," he said while wrapping up two-daydebate on the budget for the fiscal 2016-2017." With 75 per cent of the budgetary allocations being spenton committed expenditure including monthly wages and salaries,payment of interest for loans raised by the government and topurchase electricity, he said the government was to make dowith the remaining 25 per cent of allocations for welfaremeasures. "There is therefore every need to strengthen thefinancial position here," he added. PTI COR ROHRCJMAV