The Tamil Nadu government will mobilise Rs. 3,000 crore as an Alternative Investment Fund Category – I to support new infrastructure projects in the current year.
The SEBI-registered fund by Tamil Nadu Infrastructure Fund Management Corporation is a landmark initiative, said the Tamil Nadu Finance Minister, O Panneerselvam, presenting the revised budget for 2016-17 in the Assembly today. In 2012, in its previous tenure, the government had formed the Tamil Nadu Infrastructure Development Board to implement infrastructure projects envisaged under Vision 2023, a long-term road map for the overall development of the State backed by infrastructure and industry. The second part of the vision document released in 2014 spelt out 217 specific infrastructure projects across six major sectors. Of this 88 projects have started and 16 have reached bidding stage and detailed project reports are prepared for 24 projects. It has allocated Rs. 2,000 crore for Tamil Nadu Infrastructure Development Fund and Rs. 100 crore for project preparation fund in the current year, he said.