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Tamil Nadu targets Rs 23 lakh cr investments in manufacturing sector

Manufacturing sector in the state has to take the centre-stage in economic development so that Tamil Nadu can progress towards the $1 trillion economy by 2030-21, said Minister for Industries Thangam Thennarasu on Tuesday.

According to the Policy Note presented in the Assembly by Thennarasu for 2022-23, Tamil Nadu is recognised for its well-developed manufacturing eco-system and the state is on track to ensure this sector grows from $48.1 billion in financial year 2020-21 (18 per cent of gross state domestic product-GSDP)AGSDP) to $250 billion in fiscal 2030-31 (25 per cent of GSDP).

Thennarasu said that the Tamil Nadu government is undertaking several measures to attract the approximately Rs 23 lakh crore of investment in manufacture and for the creation of employment opportunities for 46 lakh persons, which are necessary to achieve its growth target.

In the fiscal 2021-22, the state government has signed 130 MoUs with companies, with a cumulative investment of over Rs 68,375 crore with employment opportunities for over 2.05 lakh persons.

The investments were across areas in focus sectors such as electronics, auto-components, industrial parks, Free Trade Warehouse Zones, IT/ITeS, general manufacturing, food processing, footwear, pharmaceuticals and textiles, as well as new areas such as furniture manufacturing, EV charging infrastructure and others.

As part of the state’s efforts towards achieving the export target of $100 billion by 2030, the Tamil Nadu government is establishing a special fund of Rs 100 crore to develop necessary public infrastructure for exporting organisations in Tamil Nadu with contribution from industry and industry associations, Thennarasu said.