Tamil Nadu govt eyes Rs 1 lakh crore investment commitments from Global Investors Meet

State is now the 2nd largest FDI receiver in the country

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 2014 in Chennai. In the last three years, the State has attracted 68 projects, worth Rs 46,602.72 crore in the last three years.

The State second in the country in terms of GSDP, which was at Rs 4,78,975 crore in 2013-14. As far as FDI is concerned, the State is the second largest recipient of foreign direct investment, claims the State administration.

Speaking at the State Assembly today P Thangamani, Minister for Industries, Steel Control, Mines and Minerals, and Special Initiatives - Tamil Nadu Government said that 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 will create 1,62,667 jobs, both directly and indirectly.

The State Minister noted, according to Union Planning Commission data, the state reported 6.13% growth as compared to Nation's growth of 4.74%. GSDP of the state increased to Rs 4,78,975 crore in 2013-14 from Rs 3,56,632 crore in 2009-10, said the Minister, who noted the State is now the second largest State in the country, in terms of GSDP. Earlier it was in the third slot.

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

In 2013-14, Tamil Nadu's agriculture sector growth was 8.93% (compared to 0.91 % of All India Average Growth Rate, manufacturing grown by 3.5% (All India -0.71 %) and Service sector grew by 8.26% (compared to 7 % All India).

The Minister noted, number of manufacturing units in the industrial estates set up by SIPCOT stands at 2,235 and these companies have invested Rs 1,03,000 crore and created 5.97 lakh people (of which 84 % hails from Tamil Nadu) till now.

The Minister alleged that despite the attempts of Andhra Pradesh Government to attract investors who comes with interest in Tamil Nadu, by offering land at 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 work force and governance.

Speaking about the automobile industry, the Minister said, the State produce 13.80 lakh cars every year, making the it as the biggest base for car manufacturing in the country. According to him 30% of the commercial vehicles manufactured in India are produced in the State, 17% of the passenger cars and 20% of the two-wheelers are produced in the State.

Speaking about Japanese companies investment in the State, the Minister noted, so far 523 companies have invested in Tamil Nadu and in the last three years the numbers have doubled.

SIPCOT

In 2013-14, the agency has 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.