Tamil Nadu GIM 2024 to Elevate the State into 1 Trillion USD Economy

0
TN GIM-2024
The Inaugural Day of the Tamil Nadu Global Investors Meet 2024 marked the Launching of the 'Tamil Nadu Vision $1 Trillion' Report by the Honorable Chief Minister MK Stalin Presenting a Detailed Roadmap for the State's Pursuit of a $1 Trillion Economy (Image Credits: Guidance Tamil Nadu/ X)

The third edition of Tamil Nadu’s Global Investors Meet (GIM) got a grand opening at the Chennai Trade Centre on January 7, featuring the participation of nine partner countries and 30 other nations. The two-day event helpted to strengthen employment opportunities across urban and rural Tamil Nadu, and the state had the goal of propelling the state into a trillion-dollar economy by 2030. CM Stalin, during his first GIM has expressed Tamil Nadu‘s prominence as a state as it has inked over 200 MoUs and welcomed investments through its investor-friendly policies.

The Tamil Nadu Global Investors Meet 2024 has ushered in a wave of substantial investments, solidifying the state’s position as a premier destination for business growth. Major players from various industries have committed significant funds to bolster the state’s economy. Tamil Nadu Chief Minister MK Stalin opened the much awaited Global Investors Meet 2024 at Chennai Trade Centre on 7th January 2024 in the august presence of Union Minister for Commerce & Industry Piyush Goyal, Tamil Nadu Industries Minister Dr TRB Rajaa, industry leaders, and prominent figures from national and international community. CM Stalin has also outlined his vision of elevating the state into a $1 trillion economy over the next six years, emphasizing development in both rural and urban areas.

TRB-Rajaa-TN-GIM
According to Dr TRB Rajaa, Hon’ble Minister for Industries, TN, 43% of India’s female workforce is from Tamil Nadu (Image Credits: Guidance Tamil Nadu/ X)

The Chief Minister expressed his optimism about the upcoming investments, “It rained in Chennai in the morning. Similarly, I believe that investment will also rain. Tamil Nadu is a state that gives importance to education. Tamil Nadu is the most industrialized state in the country. I hope the economy will rise further through this conference. Tamil Nadu has achieved the record of being the first state for investors in terms of leadership, sustainable development, and inclusive growth,” said Chief Minister M K Stalin.

Key highlights of the Global Investors Meet include Chief Minister Stalin releasing two crucial documents – the Tamil Nadu government’s vision document on achieving a $1 trillion economy by 2030 and the Semiconductor and Advanced Electronics Policy, 2024, aimed at attracting investments in these sectors. Mr Stalin has also laid the foundation stone for a manufacturing unit of Godrej Consumer Products Limited (GCPL), reinforcing the company’s intends to inclusive employment. The meet had also experienced launching of a model of the upcoming airport in Parandhur, Chennai.

Qualcomm, a global corporation designing and manufacturing wireless telecommunication products and semiconductors, has outlined a proposed investment of Rs 177.27 crores for establishing a new design center in Chennai. This initiative is anticipated to create job opportunities for 1,600 individuals. The primary focus of the design center will be on pioneering innovations in wireless connectivity solutions that align with Wi-Fi technologies.

Additionally, Qualcomm India’s President, Savi Soin, emphasized the company’s aim to contribute to the research and development of 5G cellular technology. Vin Fast, an Electric Vehicle manufacturer in Vietnam, has announced a partnership with the Tamil Nadu state government to build a $2 billion EV facility in Thoothukudi, expected to generate up to 3,500 employment opportunities. JSW Group revealed a Rs 10,000 crore investment in Thoothukudi and Tirunelveli districts, aiming to expand JSW Steel and JSW Energy, creating around 6,000 job opportunities.

Other notable MoUs included TATA Electronics investing Rs 12,082 crore to expand its manufacturing facility, Hyundai Motor India establishing a ‘Hydrogen Resource Centre’ in association with IIT-Madras, Pegatron investing Rs 1,000 crore in Chengalpattu, and Reliance Industries committing to new investments in renewable energy and green hydrogen. “Hyundai Motor India has signed a memorandum of understanding (MoU) with the Government of Tamil Nadu for an investment of Rs 6,000 crore, as part of our long-term commitment to the state. This is in addition to the Rs 20,000 crore investment set aside last year to augment our efforts in electric vehicle manufacturing, charging infrastructure, and skill development,” said Unsoo Kim, Managing Director and CEO of Hyundai Motor India. Pegatron, on the other hand, will be investing Rs 1,000 crore in Chengalpattu to develop employment opportunities for around 8,000 people.

Reliance Industries Limited has announced its intention to venture into fresh investments in the realms of renewable energy and green hydrogen within Tamil Nadu. During a virtual address to the assembly, Mukesh Ambani, the Chairman of Reliance Group, affirmed, “Reliance is dedicated to initiating new investments in the field of renewable energy and green hydrogen in Tamil Nadu. We will collaborate closely with the state government to champion sustainable development, recognizing its imperative role in addressing the climate crisis and preserving Mother Earth.”

Since assuming office, the current government has signed 241 MoUs, totaling an investment of Rs 2,97,196 crore and creating job opportunities for 415,282 people. Venu Srinivasan, Chairman Emeritus of TVS Motor Company, commented at the inaugural session, “There are three reasons for Tamil Nadu becoming an attractive destination – they include strong political leadership, excellent bureaucracy, and highly skilled labour.”

Industries Minister T R B Rajaa highlighted Tamil Nadu’s top position in the export preparedness index, with 43% of women working in India being from the state. Pegatron’s Rs 1,000 crore investment in Chengalpattu, expected to generate 8,000 jobs, and shipping major AP Mollar Maersk’s announcement of global capability centers across Tamil Nadu were among the additional investments announced. Ola Electric’s Co-founder and CEO Bhavish Aggarwal shared that the company’s EV hub would be operational next month, concluding the noteworthy developments on day 1 of the Tamil Nadu Global Investors Meet 2024.

Major Investments announced at Tamil Nadu GIM 2024

Tata Power is set to invest a staggering Rs 70,000 crore in establishing 10 GW solar and wind projects in southern Tamil Nadu. The Adani Group is making a colossal impact with a Rs 42,768 crore investment across multiple sectors, including Adani Green Energy, Adani Connex, Adani Total Gas & CNG, and Ambuja Cement. CPCL joins the league with an additional Rs 17,000 crore investment for a petrochemical project in Nagapattinam, while Hong Fu Group from Taiwan pledges an extra $125 million for operations in Ranipet.

Singapore’s Sembcorp is set to infuse Rs 36,238 crore into a green hydrogen project in Tuticorin, and UK’s Shell Energy is contributing Rs 1,070 crore to renewable energy projects in Chennai. Germany’s ZF Group, Royal Enfield, Stellantis, TKG Taekwang from Indonesia, Microsoft, Tata Chemicals, JAM Infra, Titagarh Rail Wheels, and Festo from Germany are also making substantial investments in Tamil Nadu, covering diverse industries such as automotive, manufacturing, technology, and more. These investments reflect the state’s allure as a burgeoning hub for business growth and innovation, promising employment opportunities and economic development.

LEAVE A REPLY

Please enter your comment!
Please enter your name here