Tamil Nadu seeks investments to spur industrial growth

The Tamil Nadu government on Wednesday beckoned investors across Karnataka to invest in the state to spur industrial growth.

"We have impressive data across sectors to assert why it makes business sense to invest in our state. Our industry-friendly state is a leading manufacturing hub for domestic and overseas players," Tamil Nadu Industries Minister P. Thangamani told reporters at a road show here.

The AIADMK-led government is holding a Global Investors' Meet in Chennai on May 23 and 24 to attract investment from domestic and overseas firms in diverse sectors ranging from oil and exploration, high-tech manufacturing and biotech.

With a view to becoming one of the most competitive manufacturing hubs globally by 2016, the state government has drawn up 'Vision 2023', a strategic plan for development of 12 focus sectors.

"Consistency in policy is a major factor for domestic and overseas firms to invest in the state as we have a broad industrial base compared to other states," additional chief secretary C.V. Sankar said on the occasion.

Assuring prospective investors of hand-holding right from land acquisition to speed clearances and implementation of their projects, Sankar said the State Industries Promotion Corporation (Sipcot) would ensure no investor would face labour problems or suffer production loss for want of resources, including land, water, power and connectivity.

"We nurture investment going out of their comfort zone. Our economic maturity stems out of widespread involvement in industries across the board from labour-intensive sectors to hi-tech manufacturing to small-scale handicrafts," Sipcot chief executive S. Ramasundaram said on the occasion.

As the third largest state in terms of industrial output, Tamil Nadu is the country's most industrialised and urbanised economy, with a cumulative average growth rate (CAGR) of 18.6 percent as against the national average of 10 percent.

The upcoming global investors meet is an endeavour to realise the state's vision of inclusive growth through investment inflows, growth in employment, balanced regional development and environmentally sustainable long-term development