Tamil Nadu Government unveiled a new industrial policy on 23 February 2014.
The State Government released an exclusive policy for the phase-II of Vision 2023 document with the introduction of automobile and Auto- components policy and The Biotechnology Policy.
Vision- 2023 has set a target of attracting investments to the tune of 15 lakh crore rupees.
The Vision 2023 includes 217 infrastructure projects in six major sectors – energy, transport, industrial and commercial infrastructure, urban infrastructure and services, agriculture and human development.
The Automobile Policy aimed at making Chennai as one of the top five global auto clusters of India. Chennai is considered as the Detroit of Asia for having a number of manufacturing facilities by many auto firms.
Korean-auto maker Hyundai, US Car maker Ford, Japanese auto major Nissan in a joint venture with France-based Renault have set up manufacturing facilities near Chennai.
German car maker BMW, Mercedes Benz and commercial vehicle maker Daimler have set up similar production plants near Chennai.
The industrial policy had its focus on creating a business friendly environment with world class infrastructure and to boost employment and skill levels obtaining in the State.
According to the centre of Monitoring Indian Economy report, Tamil Nadu had achieved 18.2 per cent growth in investments higher than Gujarat, Maharashtra and Karanataka.