Why is it in the news?

• On September 28, Tata Motors Group, a major producer of commercial and passenger vehicles, celebrated the groundbreaking of its new production facility for cars and SUVs at the SIPCOT industrial park in Panapakkam, Ranipet district, Tamil Nadu. This facility is the State’s 50th SIPCOT industrial park.
• The Tamil Nadu government aims to transform the state into a $1 trillion economy by 2030, with SIPCOT playing a vital role in achieving this ambitious goal.

An overview of SIPCOT

• The State Industries Promotion Corporation of Tamil Nadu Limited (SIPCOT) was established on March 25, 1971, with the goal of planning, developing, operating, and promoting industrial growth in Tamil Nadu.
• The first SIPCOT industrial park was set up in Ranipet in 1973, spanning 729.79 acres, and marked the beginning of the state’s journey towards industrialization. Today, Tamil Nadu witnesses 50 SIPCOT parks, with another 17 expected to be developed in the coming year.
• Over the past 53 years, SIPCOT has facilitated the establishment of 3,290 industrial units with a cumulative investment of approximately ₹1.85 lakh crore, generating over 8.20 lakh job opportunities.
• Initially focused on promoting medium and large-scale industries, SIPCOT has diversified its approach by developing specific industrial clusters, such as auto and electronics in Kanchipuram and IT in Chengalpattu.
• SIPCOT is actively promoting sector-specific parks, including an international furniture park in Thoothukudi and a medical devices park in Oragadam. Efforts are also underway to provide adequate accommodation for the workforce, such as an industrial housing facility with 18,720 beds.
• Additionally, SIPCOT is improving water management by establishing Tertiary Treatment Reverse Osmosis (TTRO) plants to supply water to industries in various districts.
• In support of the startup ecosystem, SIPCOT has established Industrial Innovation Centres (SIIC) in Hosur and Sriperumbudur, funded through the Tamil Nadu Innovation Initiatives scheme. These centres aim to nurture industrial innovations and accelerate technology-driven startups.
• Moreover, SIPCOT plans to evaluate over 1,000 innovative ideas and support around 30 startups through the seed investment stage. A skill development centre is also being developed to enhance workforce capabilities in the manufacturing sector.