Tamil Nadu Continues To Be A Favoured Investment Destination In 2022 With Rs 1 L Crore Investments

This year, Tamil Nadu signed a memorandum of understanding with over 60 companies that committed investments of Rs 1.25 lakh crore that would generate around 75,000 new jobs.

According to the Industry department, TN is the second largest state economy in India accounting for 9.47 per cent of the GDP in FY 2020-21.

Source : Twitter/@CMOTamilnadu

Chennai: Often billed as a favoured investment destination, Tamil Nadu managed to garner over Rs 1 lakh crore investments committed by various companies in 2022, a year that brought both challenges and opportunities to the southern state. It faced the challenge arising out of various issues like Russia-Ukraine conflict or the suspension of the production at US automaker Ford near here among others.

This year, Tamil Nadu signed a memorandum of understanding with over 60 companies that committed investments of Rs 1.25 lakh crore that would generate around 75,000 new jobs.

Chief Minister M K Stalin has been reaching out to investors at various platforms to make Tamil Nadu become the most attractive investment destination in South Asia and endeavour towards 'Made in Tamil Nadu' products reaching all parts of the world.

The government also maintained Tamil Nadu was the only state in the country to post a 'positive growth' during Covid-19 enforced lockdown period while other states reported negative growth.

According to the Industry department, TN is the second largest state economy in India accounting for 9.47 per cent of the GDP in FY 2020-21. In 2021-22, the economy saw a rebound with the Gross State Domestic Product (GSDP) increasing from Rs 19.02 lakh crore to Rs 21.79 crore.

The government, besides its many policy initiatives, announced establishing the Rs 20,000 crore greenfield airport at Parandur with an aim to give a fillip to the state's economy. It can handle an annual capacity of 10 crore passengers. The airport expected to be operational by 2029-30 would have two runways, terminal building, taxiways, apron, cargo terminal and other required amenities.

To reach the ambitious USD 1 trillion economy by FY 2030-31, the government has drawn up several plans which include attracting Rs 23 lakh crore investments in the manufacturing sector and creation of 46 lakh new jobs.

Tamil Nadu is a manufacturing hub in the country due to significant presence in sectors like automobiles and auto-components including electric vehicles, textiles and wearing apparel, leather, chemicals including rubber and plastic, electronics, machinery and fabricated metal products, the official said.