GIM 2024: Tamil Nadu's investment bonanza crosses Rs 6 lakh crore

Tamil Nadu has successfully secured investment commitments exceeding Rs 6.64 lakh crore through 631 memoranda of understanding (MoUs) at the inaugural Global Investors Meet (GIM 2024) held at the Chennai Trade Centre on January 8, 2024.

Key contributors to this significant commitment include Tata Power (Rs 70,800 crore), Adani Group (Rs 42,768 crore), Sembcorp (Rs 36,238 crore), Leap Green Energy (Rs 17,400 crore), and Chennai Petroleum Corporation (Rs 17,000 crore). These investments are poised to create substantial employment opportunities, with an estimated 26,90,657 jobs, encompassing both direct employment for 14,54,712 individuals and indirect employment for 12,35,945 individuals. The proposed investments span diverse sectors, including advanced electronics manufacturing, green energy, non-leather footwear, automobiles and e-vehicles, defence and aerospace, data centres, global capability centres, information technology, and digital services.

To facilitate a streamlined process, the state government pledges to offer single-window clearances for the projects. A dedicated committee, led by Industries Minister T.R.B. Rajaa and featuring officials from the industries department and Guidance Tamil Nadu, will be established to monitor the progress of these investments and ensure their effective implementation.

Sector-wise, the Department of Industries, Investment Promotions and Commerce has played a pivotal role in mobilizing around Rs 3,79,809 crore, followed by the Energy Department with Rs 1,35,157 crore, the Housing and Urban Development department with Rs 62,939 crore, and the Information Technology and Digital Services department with Rs 22,130 crore. Additionally, the micro, small, and medium enterprises (MSME) sector has contributed Rs 63,573 crore, providing crucial support to large industries.

In a forward-looking move, the state government has introduced the Tamil Nadu Public-Private Partnership Policy, aiming to amalgamate the best practices from both the government and private sectors and foster a conducive environment for sustainable development.

News by Rahul Yelligeti