Mfg to see Rs 23 trn inflows in Tamil Nadu by 2030-31: Industries minister

Thangam Thennarasu foresees creation of 4.6 million jobs; sector set to grow from $48 bn in 2020-21 to $250 bn by 2030-31

The manufacturing sector is set to play a major role in Tamil Nadu’s journey to becoming a $1 trillion economy by 2030, state industries minister Thangam Thennarasu said on Tuesday. He added that to achieve this goal, the state has already taken various measures to bring in investments to the tune of Rs 23 trillion in the manufacturing sector that may create around 4.6 million jobs.

Based on a policy note presented by Thennarasu in the state assembly, the manufacturing sector is all set to grow from $48.1 billion in 2020-21 to $250 billion by 2030-31. During the financial year 2021-22, the state government has signed 130 memorandum of understanding with corporates, that may bring in investment to the tune of around Rs 68,375 crore and create jobs for around 205,000 people.

Chief minister M K Stalin also said that the state is making rapid progress in terms of industrialisation and the state’s share in the country’s foreign direct investment increased to 5 per cent as compared to 4 per cent before, following pro-industry initiatives by the government. The Tamil Nadu government saw an increase in foreign direct investment by 41.5 per cent during the April-December period.

During the recent UAE trip by Stalin, the state secured investments of around Rs 6,000 crore. He also urged the Opposition parties to work towards encouraging industrial growth, pointing that the law and order situation is vital for sustaining industrial development.