TN govt earmarks $607 mn over next two years for heavy engineering sector

The sector has been growing at a CAGR of 8% and reached a value of $2.49 bn in 2017-18, giving Tamil Nadu the second spot in the country

The Tamil Nadu Government has earmarked $607 million over the next two years for the development of heavy engineering industries in the State. Tamil Nadu is the second largest exporter of heavy machinery, after Maharashtra. The value of its overseas shipments rose sharply to $2.49 billion in 2017-18, from $1.97 billion the previous year after stagnating for a few years, according to the State government.

The government hopes heavy machinery manufacturers will explore setting up units for manufacturing equipment for auto and auto components, textiles, food processing, heavy electricals and printing. It is planning to invest into heavy engineering industrial parks