The objectives of the Industrial Policy of 2003 would be primarily to:
Target a growth rate of the order of 8 percent over the Tenth Plan period.
Government will reorient its strategy to facilitate new manufacturing capacity building based on improved competitiveness. The state will promote Foreign Direct Investment in to new manufacturing capacity.
Assist the existing industrial base to consolidate its gains and promote its efficient growth in the highly competitive domestic and export markets.
Engender private public partnerships and create an environment which enables the flow of substantial domestic and foreign capital for infrastructure building.
It is planned to move towards these objectives by undertaking second generation reforms which would have as pivots, strengthening of infrastructure - including availability of quality energy, labour reforms, fiscal reforms and business deregulation.
Infrastructure and strengthening
Recognizing the need to generate adequate investments and involve viable private sector participation, Government will enact an Infrastructure Development Enabling Act together with the setting up of an Infrastructure Development Board. This Act will spell out clearly the policy and procedure for the involvement of private sector investment in various areas of infrastructure development, either in collaboration with a Government agency or by itself. An Infrastructure Fund with an initial corpus of Rs.200 crores will be created.
Upgradation of Chennai International airport to world class status will be aimed at in consultation with Government of India. Efforts for the early upgradation of the airports at Trichy, Madurai and Coimbatore will also be taken. Feeder services to other towns and growth poles will be facilitated.
Upgradation of the capabilities of sea ports at Chennai and Ennore, will be pursued with Government of India and the State will take steps to increase the facilities at Colachel, Cuddalore and Nagapattinam.
Major traffic corridors having high density will be widened. Quality upgradation of the road links between Chennai, Salem, Coimbatore, Trichy, Madurai and Tuticorin will provide the base for the growth of traditional industries, software & agro based food industry and also promote heritage tourism. A six lane IT corridor will be created linking Chennai city to the Siruseri IT Park and the planned IT Bay Area. These initiatives, along with the State Road Sector Project undertaken with World Bank funding and the Golden Quadrilateral and North South Corridor projects of Government of India, will ensure a holistic development of this sector.