Being investor-friendly, Tamil Nadu has opened fresh avenues, says CM Palaniswami

In the past three years, Tamil Nadu’s FDI have risen to Rs 1.80 lakh crore. “It is this character and image that helped the state get more and more FDI over the years. Quality and timely delivery were the known features of Tamil Nadu in the industrial circles,” says M Suresh Babu, who teaches economics in IIT-Madras and is the author of ‘Hastening Slowly: Hastening Slowly: India’s Industrial Growth in the Era of Economic Reforms’. In a recent article published in Invest India, the National Investment Promotion and Facilitation Agency of the government of India, the CM wrote that the prime reason for investors continuously reposing their faith in the state is that it continues to upgrade its facilities, “keeping in mind the changing technological and consumer needs.”

“So, keeping with the legacy of being an investor-friendly land, Tamil Nadu has opened fresh avenues for those starting defence and aerospace industries and manufacturing of electric vehicles as they are the business of the future. The state’s new policy on aerospace and defence industries offers subsidies on capital, land, skill development and certification and funding in the form of equity and special support for Maintenance, Repair and Overhaul industries. The defence industrial corridor, one of two in the entire country, has Chennai, Hosur, Salem, Coimbatore and Trichy as nodal cities. The Aerospace Park in Sriperumbudur, being set up by SIPCOT in 250 acres, would provide space for 50 companies. The Advanced Computing and Design Engineering Centre, coming up in the Aerospace Park on one million square feet area, would offer cutting edge technology and state-of-the art infrastructure to support incubation and innovation,” he wrote.