The State government has selected Boston Consulting Group to “develop an overall strategy and road map for Tamil Nadu to realise the vision of $1-trillion economy”.
Tamil Nadu is the second largest State economy in the country and has the third highest GDP per capita. It is the most urbanised and industrialised State, with a strong manufacturing base and a large services sector. Tamil Nadu is also the third largest exporting State, accounting for over 9% of India’s exports.
Keen to ensure that Tamil Nadu plays a critical role in India’s road to a $5-trillion economy, Chief Minister M.K. Stalin has set a target of making the State a $1-trillion economy by 2030. This will require raising the current growth rate substantially and a significant increase in the investment rate, besides improvement in infrastructure.
Tamil Nadu Infrastructure Development Board, the nodal agency for infrastructure development, was tasked with developing an overall strategy and road map. After a global tender, the government has selected Boston Consulting Group, sources said.
The main objective of the assignment will be to develop a vision, goals, economic development strategy and road map and identify key requirements/enablers to realise the vision and targets. The consultant will also quantify impact on natural resources and climate and suggest ways to minimise the climate impact of economic growth.
The process will involve building an economic baseline for the State and a macro-economic State Gross Value Added model, and conduct stakeholder discussions to understand the current pain points, future opportunities and aspirations. The consultant will also benchmark the economic growth of five or six countries or regions which have been successful in different areas like industries, agriculture and services.
A SWOT analysis of all sectors in the State will be done to identify high and low potential sectors and saturated sectors and then prioritise sectors and sub-sectors and their GDP and job targets till 2030. “The assignment is likely to be completed in six months,” an official said.
