Chinese technology major, Lenovo is now eyeing for one of India’s Union Territories, Puducherry. While spilling the beans in the assemble, V. Narayanasamy, Chief Minister informed about the company’s interest and stated that Lenovo has expressed interest to set up a manufacturing unit in Puducherry with an investment amounting to Rs. 2,000 crore.
If all goes by the company’s plan, it will be soon installing its production unit at Puducherry which will be manufacturing smart phones. The Chief Minister further commented that company had sent a deligation to have a detail discussion with him on the project.
“We should welcome such companies and provide all facilities and concessions. States are competing with each other by providing concessions in their bid to invite investments. We cannot lag behind as we need industries to provide jobs for our educated youth and generate revenue,” said Narayanasamy while adressing the Assembly.
The government was in the process of evolving a comprehensive industrial policy so as to give a policy framework for providing incentives and subsidies for entrepreneurs planning to invest in the Union Territory.
Informing the house his government’s intent to bring out a ‘white paper’ on the financial situation of UT, he said the administration would do everything possible to generate resource and plug revenue loss. The need of the hour was to mobilise revenue to meet the committed expenditure of 75 per cent of the total budgetary allocations, the Chief Minister said. Mr. Narayanasamy said in his meetings with the Prime Minister, Home Minister and Finance Minister he had apprised them the need to include UT in the Finance Commission.