Tamil Nadu can achieve $1-trillion economy target by 2030: Pathak

‘The State has been posting 11%-12% of compound annual growth rate in the past 10 years’

September 16, 2022 04:22 pm | Updated September 20, 2022 05:10 pm IST - CHENNAI

Tamil Nadu has the potential to achieve the $1 trillion economy by 2030 as the State has been posting 11%-12% of compound annual growth rate in the past 10 years, according to Rajesh Kumar Pathak, president, Governing Board of the Tamil Nadu Technology Development Promotion Council (TNTDPC).  

Inaugurating the emerging technologies conference here on Friday, he said the State, which boasts a Gross State Domestic Product of $300 billion, should increase its compound annual growth rate to 14% to reach the milestone. 

Mr. Pathak, who is also the Secretary of the Technology Development Board (TDB) of the Central government, said TDB last year celebrated its 25th anniversary, but not many were aware of its existence or services to the budding entrepreneurs.

He said TDB had financed several pharmaceutical companies, including Bharat Biotech, when they launched the Hepatitis B vaccine. Urging entrepreneurs having ideas in space technology to approach TDB, Mr. Pathak said the entry was still open for startups in space technology to get help.

He said TDB had entered into an agreement with a foreign company for export of Tilapia fish farmed in Karnataka and was also helping a startup in developing advanced hydrogen sensors.

Subramanian Radhakrishnan, Chief Enterprise Architect and Digital Transformation Leader, Infosys, said that despite the COVID-19 pandemic disrupting all walks of life, cloud computing helped to keep businesses afloat. He also highlighted the tech compass of the company which was helping to build the business software of several companies for the future through Artificial Intelligence and Machine Language. 

Shankar Venugopal, vice-president of Mahindra and Mahindra, and Redington India senior vice-president Jabez Selwyn spoke. The conference was organised by the Confederation of Indian Industry (CII), along with TNTDPC. 

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