Chennai: Tamil Nadu has secured investments of more than Rs 6.64 lakh crore at the first Dravida Munnetra Kazhagam government-organised Global Investors’ Meet (GIM 2024), with an emphasis on manufacturing, renewable energy and infrastructure sectors, Chief Minister M.K. Stalin said Monday.
The previous two GIM summits were organised in 2019 and 2015 by the then All India Anna Dravida Munnetra Kazhagam (AIADMK) governments, under the leadership of Edapaddi K. Palaniswami (EPS) and J. Jayalalithaa, respectively.
While the 2019 edition reportedly drew investments worth Rs 3 lakh crore, the 2015 edition saw Tamil Nadu attracting Rs 2.42 lakh crore of investments.
This year’s two-day summit held Sunday and Monday in state capital Chennai, also saw the Stalin-led government roll out initiatives such as the Tamil Nadu Public Private Partnership Policy and Semiconductor and Advanced Electronics Policy 2024, designed to draw more investors to the southern Indian state.
The CM also launched TANFUND, a one-stop initiative that aims to help and coordinate investment for start-ups.
“I am proud and happy to announce that our hard work and our investors’ sincere contributions have made the summit successful, resulting in an investment of Rs. 6,64,180 lakh crore. Under these [various] projects, 14,54,712 people will be employed through direct recruitment and 12,35,945 others will get indirect employment,” Stalin said at the valedictory ceremony at Chennai Trade Centre Monday.
According to official data, of the total investment the commerce and industries department secured Rs. 3,79,809 crore, followed by the energy sector that attracted Rs 1,35,157 crore.
The event was preceded by the chief minister’s trips to foreign countries to attract more investors to Tamil Nadu.
According to state industries minister T.R.B. Rajaa, Stalin will embark on a journey to Davos, Switzerland, immediately after the summit and to Spain later this month. There are also plans to visit countries like Australia and US in the near future, Rajaa said at the summit.
Meanwhile, Stalin said that his recent visits to the UAE, Singapore, and Japan had “led to generation of employment opportunities for 17,371 people and an investment of Rs 7,441 crore”.
This year’s global investors’ meet, held as part of the state’s ambitious plan to achieve a $1 trillion economy by 2030, is the first to be organised under the DMK government.
With the event, the state is aiming to increase employment opportunities across rural and urban areas, especially for women.
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Key MoUs signed
Of the slew of memorandums of understanding (MoUs) announced at the summit’s concluding day, Tata Power Renewable Energy contributed the largest investment with Rs. 70,000 crore to expand its existing solar photovoltaic plant in Tirunelveli. The initiative is expected to provide employment to 4,000 people, according to government data.
Singapore-based energy development giant Sembcorp Industries made an investment of Rs 36,238 crore to set up a green hydrogen plant in Thoothukudi and provide employment to 1,511 people.
Adani Green Energy has pledged investment of Rs 24,500 crore in Tiruvannamalai, aiming to create employment for 4,000 people, while Leap Green Energy will establish an integrated green hydrogen plant in Thoothukudi and has promised to invest Rs 22,842 crore, announced the government.
Chennai Petroleum Corporation will set up a petrochemical project with Rs 17,000 crore investment in the Nagapattinam district, aiming to employ 2,400 people.
Kauvery Hospital has pledged investment of Rs 1,200 crore to set up multi-speciality hospitals across the state and the Hinduja Group aims to invest Rs 1,200 crore to expand automobile manufacturing in the state.
Tata Chemicals signed an MoU with an investment of Rs 1,000 crore to build a chemical manufacturing unit in Ramanathapuram.
“With an ambitious target to make Tamil Nadu a $1 trillion economy by 2030, the state aims to play a key role in India’s economic growth. The MoUs signed at the valedictory session of GIM 2024 stand testament to the state’s zeal towards industrial growth and further development,” CM Stalin said.
Policies to draw more investors
To achieve the goal of becoming a $1 trillion economy, the Tamil Nadu government unveiled multiple policies to make the state investor-friendly. One of these was the public-private partnership policy for infrastructure development.
Talking about the initiative, the CM said: “The state government cannot be the sole investor when it comes to the implementation of infrastructure projects. It is achievable only through public-private partnerships. I have thus launched the public-private partnership policy by linking procedures of the government and the private sector to attract investments.”
The CM also unveiled the semiconductor and advanced electronics policy, through which selected chip design entities will be given incentives for employing people from the state. There are also subsidy schemes for selected semiconductor manufacturing projects in the state.
(Edited by Nida Fatima Siddiqui)
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