TN eyes projects worth Rs 1 lakh cr from investor meet

The Tamil Nadu government has set a target to attract projects worth Rs 1 lakh crore in the upcoming Global Investors' Meet, which is scheduled in October here.

Speaking at the Assembly, P Thangamani, industries minister said in the last three years, the state attracted 68 projects worth Rs 46,602.72 crore, including 33 MoUs worth Rs 31,706 crore. These projects would create 1,62,667 jobs, both directly and indirectly.

The minister noted, according to Planning Commission data, the state reported 6.13 per cent growth as compared with nation's 4.74 per cent. The GSDP increased to Rs 4,78,975 crore in 2013-14 from Rs 3,56,632 crore in 2009-10.
 

TN ranked second in the country in terms of GSDP and was also the second largest recipient of foreign direct investment, he added.

Quoting Centre for Monitoring India Economy's data, he said from April 2011 to March 2014 incremental investment into the state was Rs 2,22,603.39 crore, which was the second largest in the country.

The agriculture sector grew 8.93 per cent (0.91 % all India average growth rate), manufacturing 3.5 per cent (all India -0.71 %) and service sector 8.26 per cent (7 % all India) in 2013-14.

The minister said the number of manufacturing units in the industrial estates set up by Sipcot stood at 2,235 and these companies had invested Rs 1,03,000 crore and created jobs for 597,000 people.

He alleged that despite the attempts of the Andhra Pradesh government to attract investors by offering land at a cheaper price in places like Tada, which need to be accessed through Chennai port and airports, the industries are setting up their units in Tamil Nadu due to law and order situation, qualified workforce and governance.

On the automobile industry, he said, the state was producing 1.3 million cars every year, making it the biggest base for car manufacturing in the country.

Besides, 523 Japanese companies had invested in Tamil Nadu, he added.

Meanwhile, he said in 2013-14, Sipcot reported Rs 227.68 crore profit.

The agency is planning to make a 52,000-acre land bank, focusing mainly on the southern parts of the states.

Manufacturing zones
The minister also announced a plan to set up manufacturing zones of over 10,000 acre in Tuticorin, Vellore and Krishnagiri districts.

"This most anticipated announcement by the government would pave the way for Tamil Nadu to emerge as the manufacturing and investment hub of the country," said Ravi Sam, chairman, CII Tamil Nadu State Council.

To serve the stakeholders from the manufacturing sector, the CII  has submitted a proposal to the government towards setting up of a Tamil Nadu Manufacturing Excellence and Faculty Development Academy.