Tamil Nadu eyes Rs 75K crore investment inflow in defence

Chennai: Tamil Nadu Chief Minister M K Stalin on Tuesday said the state has set a target of attracting investments to the tune of Rs 75,000 crore in the aerospace and defence sectors by 2032. He said aerospace, defence, and shipbuilding will be some of the key pillars of the state’s ambition to become a $1 trillion economy by 2030 - a goal set by him after taking over as Chief Minister in May 2021. 

Inaugurating AeroDefCon 2025, a three-day international conference on the aerospace and defence sector, here, Stalin said the state has already secured Rs 23,000 crore investments in the Tamil Nadu Defence Industrial Corridor. 

Terming the corridor as a turning point for the development of this sector in the state, Stalin said he wanted Tamil Nadu to emerge as the country’s manufacturing hub in the defence industry. 

“From the production of high-quality jet engine components to drone manufacturing, various activities are set to take place. This also includes manufacturing units related to emerging space technology. The Tamil Nadu Defence Industrial Corridor Vision Plan is not just a concept but has solidified Tamil Nadu’s place in the future of India’s defence sector,” he said. 

He also listed projects that have been initiated like a Defence Industrial Park being established over 360 acres in Coimbatore, and an aerospace park with direct runway access for aircraft repair, maintenance, and integration in Sulur.

“These projects collectively ensure Tamil Nadu’s uniqueness in attracting investments, adopting new technologies, and achieving self-reliance in this sector. Investments exceeding Rs 23,000 crore have been attracted, with projects worth Rs 5,000 crore already implemented. By 2032, we aim to attract Rs 75,000 crore in investments,” he added. 

Stalin also said the state wants to diversify by pitching Coimbatore as a centre for precision engineering, Hosur as a hub for aerospace and electronics technology, Salem as a centre for high-tech materials, and Tiruchirappalli as a hub for heavy machinery manufacturing.

“Together, these demonstrate that every part of Tamil Nadu is an ideal destination for investment,” he added. 

The Chief Minister noted that the contribution of large industries and MSMEs is significant, with over 700 MSMEs operating in the aerospace and defence sectors and asked multinational companies to invest in Tamil Nadu.