Tamil Nadu is on a war-footing to regain its sheen with respect to its industrial mojo. As the GIM is set to reinvigorate the state’s prospects across verticals, stakeholders are confident that it will be a year of reckoning for big sectors.
And what might seem like the proverbial uncorking of bubbly for the industry is the recent approval by the state cabinet to usher in Rs 16,000 crore worth investments, even as global investors across diverse industries are preparing to make their major announcements in the mega event. TN is being perceived as an alternative to China. This explains the rationale of Foxconn spelling out its intent to invest Rs 2,500 crore to expand its Sriperumbudur unit to produce iPhones for the marquee global brand Apple, TN industries minister MC Sampath has recently announced.
K Gnanadesikan, Additional Chief Secretary, Industries, TN, said, “In this year’s GIM, delegations from Japan, Korea, China and Taiwan will mark their presence, indicative of the investment potential of the state. With the Business Facilitation Act in operation and the Industrial Guidance bureau getting a legal backing, the single window clearance is more robust.”
While TN continues to attract investments from many sectors, the focus is more emphasised on auto, auto components and hardware electronics owing to their huge potential. “We are promoting many more sectors such as pharma and biotech,” he said, noting that the ease of business had transformed the overall industrial scenario by making the systems and processes investor-friendly.
Reiterating the state’s pride of place in India’s economic charts, he said, “We are the second largest economy in the country. Why should we be shy about our prowess? In every parameter, we are in the top three ranks – whether it’s skilled manpower, number of SEZs, exports, operational MoUs, FDI actual inflows. We need not be apologetic about our performance. If among 32 states, we figure in the top three, it is certainly a bellwether of great things to come.”
Aditya Narayan Mishra, Director and CEO, CIEL HR Services