Chennai, Mar 14 (PTI) Terming the Tamil Nadu budget as "progressive", one of the oldest industry bodies, the Madras Chamber of Commerce on Friday welcomed the key proposals, including establishing a 2,000 acre global city near here and the Rs 3,500 crore allocation for affordable housing.
The chamber described the initiatives as "transformative projects" that would attract investments and generate employment.
The announcement of the Tamil Nadu Maritime Transport Manufacturing Policy 2025 is expected to boost investment in shipbuilding and related sectors, leveraging the state's strategic advantage of a long coastline, the Chambers' President Ramkumar Shankar said.
"Tamil Nadu has long been a leader in economic growth, social welfare and regional development. This budget upholds this vision by strengthening economic foundations and promoting social inclusivity, paving the way for a future-ready state," he said in a statement on Friday.
The Chamber also acknowledged the government's prudent fiscal approach with a fiscal deficit at 3 per cent of GSDP (Gross State Domestic Product) and a 40 per cent increase in capital expenditure to Rs 66,753 crore, prioritising key infrastructure projects like the expansion of Chennai Metro, rural road development.
Additionally, the Rs 20,000 subsidy for electric scooters benefiting gig workers and the introduction of 1,125 electric buses were recognised as significant strides toward 'sustainability', he said.
The proposed 4,000 MW energy storage system further reaffirms Tamil Nadu's leadership in renewable energy and its commitment to a greener future, he added.
Meanwhile, President of city-based realtor body CREDAI (Confederation of Real Estate Developers' Associations of India), A Mohamed Ali said the budget has factored infrastructure as a key development for Chennai and its suburbs.
"The upcoming 2,000 acre Global City near Chennai is set to redefine the region's economic landscape, attracting global investments and fostering large-scale development. Complementing this, the proposed metro lines connecting Chennai Airport to Kilambakkam, Koyambedu to Pattabiram, Poonammallee to Sriperumbudur will significantly improve connectivity," he said in a press release.
The Vada Chennai Valarchi Thittam (North Chennai Development Programme) is a testament to the government's focus on inclusive and sustainable development. With investments of Rs 6,858 crore, this comprehensive plan addresses critical needs such as housing, drinking water, healthcare and education, while also enhancing public amenities like parks, sports facilities and electric crematoria, he added.
