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Tamil Nadu to attract Rs1lakh cr investment

Chennai, Nov 6  () : Tamil Nadu will achieve a 11% growth and attract Rs 1 lakh crore investments in manufacturing sector, said Chief Minister Dr J Jayalalithaa.

She signed MOU with 12 companies for investments totalling Rs 21,000 cr. She admitted that given the present economic condition globally, the figures might seem unrealistic but she said that great minds should rise above all this to achieve greater goals.

Her aim is to be on par with Malaysia, South Korea and Thailand in terms of industrial growth. Soon Tamil Nadu will unveil a policy to get investments flowing into the State and Chennai will be the biggest auto hub. She has plans to unveil a plan for auto and aerospace industries.

In the last 18 months, Tamil Nadu has seen investments worth Rs 1,74,706 cr. Her Vision 2023 would be achieved by administrative procedures that would bring in investments and clear up institutional and regulatory controls.

Jayalalithaa made it clear that Tamil Nadu would not allow FDI in retail sector. The Central Govt had left the decision for the State Governments to decide to open such outlets. CII Tamil Nadu chapter has asked State Government to form a Tamil Nadu Manufacturing Competitiveness Council. This council would closely work towards achieving the Vision 2023, said its President R Dinesh.

He said that from the present projects, at least 36,000 persons would be on the payrolls and around one lakh would be indirectly benefitted. In a press release, he said the manufacturing sector’s contribution to GDP of Tamil Nadu was 16.5% last fiscal and 22% growth can be achieved by 2023 through the current initiatives and forthcoming policy decisions by the State Govt.

Meanwhile, Sanand in Gujarat is fast emerging as a major auto hub. Tata, Ford, and Maruti are setting up plants and component manufacturers Rane, Wheels India and Valveo, all of them Chennai-based are too moving to this place since it makes sense to be near the buyers.

Automotive Component Manufacturers Association of India is the nodal agency which helps their members to get land acquired without any hassles. Once these plants go on stream, an estimated 1 million cars will roll out from Sanand.