TN: Fast-track clearance for new IT buildings
Chennai: Clearance for new buildings for the IT sector in Tamil Nadu has been brought down to four weeks from the earlier six. The Electronics Corporation of Tamil Nadu (ELCOT), a State Government undertaking, has approved 1.7 million square feet of space for the IT sector, at an estimated cost of Rs 350 crore. As per procedure, new projects needed clearances from five different departments, like traffic police, Fire Service, Chennai Corporation and Airports Authority of India. Now, under the fast-track clearance, if the approval from these departments did not come through in 10 days, it would be understood that there is no objection from them. The State Government has also provided a 100 per cent relaxation on FSI (floor space index) and a 50 per cent reduction on the existing stamp duty.
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Garment Exports down 7 per cent in April-Jan
Mumbai: Readymade garment exports to the US have registered a fall of 7 per cent during the April-January period of the fiscal. Total garment exports declined by about 7 per cent in terms of quantity and a marginal increase of 4 per cent in dollar terms, as per the latest figures. However, exports to the EU amounted to 575.9 million piece, valued at $2,037.5 million (Rs 9,372.79 crore). In comparison to the corresponding period last fiscal, there was an increase of 2.42 per cent in terms of quantity and 19.08 per cent in value. Exports to Canada were 44.4 million pieces, valued at $144.4 million (Rs 664.95 crore). Here too there has been a decrease of 19.42 per cent in quantity and 10.86 per cent in value against the year-ago period.
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