Companies Commit To Investments Worth Over Rs 6 Lakh Crore In Tamil Nadu: CM Stalin

In his valedictory address at the summit, CM Stalin announced that MoUs worth Rs 6.6 lakh crore were signed in the summit, and this marks a record high investment pledged in the state's history

Tamil Nadu Chief Minister M K Stalin said on Monday that the state has received promises for investments of more than Rs 6 lakh crore by several companies during the Global Investors Meet 2024. The event, organised by the state government, has attracted investments worth Rs 6.64 lakh crore, which are expected to generate 26.9 lakh jobs in the state, the CM said. 

In his valedictory address at the summit, CM Stalin announced that Memorandum of Understanding (MoUs) worth Rs 6.6 lakh crore were signed in the summit, and this marks a record high investment signed in the state's history.  He noted that Tamil Nadu aspires to become the first port of call for global investors and the state aims to become the premier state in South Asia.

"I am happy and proud to inform this august gathering that due to our tireless efforts and your participation during this Global Investors’ Meet we have attracted an unprecedented Rs 6,64,180 crore of investments. A total of 26,90,657 jobs are expected to be generated from these investments that includes direct employment for 14,54,712 persons and indirect employment for 12,35,945 persons," CM Stalin said, while addressing the summit.

Stalin promised the investors that they would receive cooperation from the state and offered them single window clearances for these investments. 

"Out of the total investments worth Rs 3,79,809 crore have been mobilised through the Department of Industries, Investment Promotions and Commerce, Rs 1,35,157 crore by the Energy Department, Rs 62,939 crore through the Housing and Urban Development Department, and Rs 22,130 crore through the Information Technology and Digital Services Department. Rs 63,573 crore has been generated by the MSME sector that provides an enabling support system to large industries," the Chief Minister added.

Notably, the business meet saw investors show interest in venturing into sectors such as EV semiconductors, quantum computing, non-leather footwear, defence and aerospace, and battery cell manufacturing, among others in Tamil Nadu. 

The CM also released the Semiconductor and Advanced Electronics Policy during the summit and the public-private partnership policy. Regarding the latter, he said, "It is practically not feasible for the government to undertake all the major infrastructure projects by itself. Implementation through Public - Private Partnerships is the viable option. To attract more investments into that sector, we have released
the PPP Policy drawing the best practices of both government and private sectors."

CM Stalin also unveiled the Tamil Nadu government's plans to make the state economy into a $1 trillion economy by the end of the decade.