As Stalin lays out red carpet for investors, Tamil Nadu attracts proposals worth Rs 6.6 lakh crore

A breakdown of the proposals that came in during GIM 2024 revealed a diverse interest in Tamil Nadu’s economy:

📌 The Industries Department bagged a significant portion of the total potential investments, getting proposals worth Rs 3.79 lakh crore that could lead to over 8 lakh jobs.

📌 The energy sector got proposals worth Rs 1.35 lakh crore, expected to generate 14,609 jobs.

📌 The housing and urban development sector attracted proposals worth Rs 62,939 crore, with the promise of 2.65 lakh jobs.

📌 The IT and digital services sectors got proposals worth Rs 22,130 crore, foreseeing over 1 lakh jobs.

📌 The handloom and textiles sector, with Rs 572-crore proposals, showed potential for 9,100 job opportunities.

GIM 2024, the first such investors’ meet under the Stalin government, served as a platform for the state to present its roadmap to achieve the DMK government’s stated goal of making Tamil Nadu a $1-trillion economy by 2030. The event had nine partner countries and more than 30 participating nations.

Highlights of the event included announcements regarding Qualcomm’s expansion in Chennai with a new design centre, significant investments by Tata Electronics and Pegatron in iPhone assembly units, and VinFast’s decision to set up an electric vehicle (EV) manufacturing facility in Thoothukudi.

Apart from companies, Singapore also announced investment in Tamil Nadu, with High Commissioner Simon Wong saying the country would invest Rs 31,000 crore in the state. This reinforced the long-standing partnership between Tamil Nadu and Singapore, which has a significant Tamil population.

Another highlight of the GIM was the World Investors Conference, where a delegation visited the Industry 4.0 technology centre at the Government Industrial Training Institute in Oragadam. This visit, as part of a collaboration with Tata Technologies Limited, aims to establish 71 government industrial training institutes under the Industry 4.0 standard, which involves skill development and advanced technology training.

Tamil Nadu has long been a hub for industries, particularly in automobile manufacturing, IT, textiles, and electronics. Chennai is home to a significant portion of India’s automobile industry. The state’s industrial character has also been diversifying over the years, with a focused interest in renewable energy, particularly wind energy.

A senior bureaucrat said the state’s essential focus is on attracting global value chains and fostering economic transformation.
According to Stalin, the government is encouraging the manufacture of semiconductors in the state, with “substantial infrastructure projects” being planned for this.

“We are implementing a Public-Private Partnership policy in this regard. We have also introduced the STARTUP Tamil Nadu scheme to boost innovation in the state. The venture capital funds under this scheme will significantly contribute to the growth of startups in Tamil Nadu. More than 200 startup investors have participated in this initiative, collaborating with experts and startups in the field,” Stalin said.

In his speech, Stalin assured investors that investments and business interests in Tamil Nadu will be “secure and will be fully supported”.

The event also featured the ‘Village Cooking Channel’, a YouTube sensation with 23.4 million subscribers, with the channel’s creators sharing their journey and insights.

Aiming to showcase Tamil Nadu’s cultural richness and technological advancements, the state tourism department’s pavilion at the meet featured interactive elements like ‘Elakkiah’, the robot, and a 3D-Jallikattu bull, which were a hit among participants.