Chief Minister MK Stalin and business leaders released the "Tamil Nadu Vision $1-trillion" report on Sunday, along with business leaders.
Published Jan 08, 2024 | 7:00 AM ⚊ Updated Jan 08, 2024 | 7:00 AM
Chief Minister MK Stalin and business leaders released the "Tamil Nadu Vision $1-trillion" report on Day 1 of the Tamil Nadu Global Investors Meet 2024 on Sunday, 7 January, 2024. (CMOTamilnadu/X)
Several top industrialists on Sunday, 7 January, hailed Tamil Nadu as an investment destination, even as pledges flowed on the first day of the 2024 edition of the Global Investors Meet (GIM).
The investment pledges came from both within and outside India, increasing expectations from the second and last day of the event.
Among other things, Chief Minister MK Stalin and business leaders released the “Tamil Nadu Vision $1-trillion” report on Sunday, along with business leaders.
A host of representatives from several multinational companies, over 450 international delegates, and representatives from 50 countries are expected to attend the event.
Venu Srinivasan, the chairman emeritus of two and three-wheeler major TVS Motor Company was among the industry leaders who praised Tamil Nadu on Sunday.
Several multinational companies chose the state to set up their base because of the good political leadership it offers and an excellent bureaucracy, he said.
In his address at the GIM, he said the vision of Stalin to make the state a $1-trillion economy by 2030 would definitely be achieved. “We are one of the best-performing states in the country and I am very proud to say this as a Tamizhan,” he said.
Buttressing his point about why Tamil Nadu had a conducive investment climate, Srinivasan said, “We have a very good political leadership, an excellent bureaucracy, peaceful law-and-order, highest skilled labour and engineers. It is because of these reasons that leading companies in India and multinationals have all made Tamil Nadu their destination.”
He said the government had raked in investments worth ₹2.70 lakh crore by signing 221 memoranda of understanding (MoUs) with companies with potential employment creation of 4 lakh people.
Meanwhile, noted industrialist and JSW Group Chairman Sajjan Jindal on Sunday said his company was planning to double the investments made in Tamil Nadu across sectors over the next few years.
Jindal, in the run-up to his participation in the GIM, said JSW as a group had invested ₹15,000 crore in the state to date. The JSW Group has a presence in Tamil Nadu with its JSW Steel and JSW Energy businesses.
Heaping praise on the ruling DMK government, Jindal said Tamil Nadu had been a pioneer in the development of industries and continues to provide the right ecosystem that nurtures entrepreneurship with innovation at its core.
Tamil Nadu’s growth across sectors, especially automobile, auto-components, fertilisers, sugar, textiles and Information Technology has helped position India as a frontrunner on the global map, he said.
Jindal also remarked that the state had the highest number of factories — 39,000 — manufacturing automobiles and related components in the country.
Meanwhile, Reliance Industries Chairman and Managing Director Mukesh D Ambani said on Sunday that his conglomerate had committed to making new investments in Tamil Nadu in the renewable energy space.
Reliance Industries would also inaugurate its state-of-the-art data centre that has been set up in partnership with Canada-based Brookfield Asset Management and US-based Digital Reality, he said in his virtual address at the inaugural function of GIM 2024.
Earlier, Vietnam-based electric vehicle (EV) manufacturer VinFast also announced that it had earmarked an investment of $2 billion (₹16,000 crore) in Tamil Nadu.
The money would be used for setting up an EV car and battery manufacturing facility in Tamil Nadu.
“VinFast and the state government will work toward a total investment of up to $2 billion (₹16,000 crore), with an intended commitment of $500 million for the first phase of the Tamil Nadu project, spanning five years from the commencement date. This move indicates a significant step in VinFast’s expansion into the world’s third-largest vehicle market,” a company statement said.
