JOIN USAim to make Tamil Nadu a $1 tn economy by 2030: MKS
Chief Minister M K Stalin set an ambitious target for Tamil Nadu to become a $1 trillion economy by 2030, appealing to industrialists to turn as ambassadors for the state to garner more investments to boost employment opportunities for the youth.
Addressing Investment Conclave 2021, the first after he became Chief Minister on May 7, Stalin said the government was going all out to project and eventually emerge as the first address for investors. Pointing out that the state is already one of the most favoured destinations for investors, Stalin said his government’s aim was to transform Tamil Nadu’s status into that of the best investment destination in South Asia.
At the conclave, the Tamil Nadu government signed 35 Memorandum of Understanding (MoU) with various companies for investing Rs 17,141 crore creating employment opportunities for 55,054 persons. Stalin also laid the foundation for nine projects, including an oxygen plant by INOX in Hosur, that would come up at a cost of Rs 4,250 crore. These new projects will provide employment to 21,630 persons.
In the first step towards the state becoming an aerospace hub, the Tamil Nadu Industrial Development Corporation (TIDCO) signed an MoU with General Electric for establishing a Centre of Excellence to enhance production of aircraft and aeronautical components for industries in the aerospace and defence sector using advance manufacturing technologies.
In his address, Stalin said the government was setting up a 10 MLD TTRO plant near Hosur to ensure adequate water supply to industries and is spending Rs 500 crore for building workers’ quarters. He also said the state has launched Single Window Portal 2.0 with 100-plus services spread across departments for existing and new investors.
The new projects for which MoUs were signed on Tuesday are spread across the state. Taiwan’s Lotus Footwear will set up three units in the state, while Tata Consultancy Service will come up with an IT park on the outskirts of the city. JSW Renew Energy is setting up a 450 MW wind power generation in four districts and Araymond Fasteners is setting up a unit in Hosur.