Lenovo has proposed to make an investment of Rs 2,000 crore towards setting up a smartphone manufacturing unit in Puducherry, chief minister V Narayanasamy said. Making the announcement in the State Assembly, the chief minister said, a delegation of Lenovo recently visited him and expressed interest to set up project worth Rs 2,000 crore to make smartphones in Puducherry. Narayanasamy also announced the government was in the process of finalizing a slew of concessions and subsidies to entrepreneurs setting up industries in the Union Territory. Also Read - Best gaming laptops under Rs 1,00,000 in India: MSI GP65 Leopard, Dell G5 and more
“We should provide them concessions and facilities as the unit they are contemplating would provide jobs to technically qualified youth in Puducherry,” he said while announcing the government’s decision to roll out a new industrial policy. “Our government is keen to strengthen the fiscal position of Puducherry and to tackle unemployment problem. For this, we should go in for an effective policy to attract entrepreneurs from outside Puducherry to start their units here with several concessions,” he added. “There is a competition among bigger states to offer concessions and various subsidies to entrepreneurs to establish industries in those states. We cannot lag behind and there is every need on our part to provide capital and interest subsidies and make available land to the entrepreneurs,” he elaborated while wrapping up two-day debate on the budget for the fiscal 2016-2017.” Also Read - Amazon Grand Gaming Days sale: Best deals on gaming laptops, accessories, and more
With 75 percent of the budgetary allocations being spent on committed expenditure including monthly wages and salaries, payment of interest for loans raised by the government and to purchase electricity, he said the government was to make do with the remaining 25 percent of allocations for welfare measures. “There is therefore every need to strengthen the financial position here,” he added.