Tamil Nadu

Government taking steps to make State number 1 in ease of doing business, says Stalin

Chief Minister M.K. Stalin inaugurating a project at the investment conclave in Chennai On Monday.  State Industries Minister Thangam Thennarasu and  Praveer  Sinha, MD and CEO,  Tata Power, are in the picture.

Chief Minister M.K. Stalin inaugurating a project at the investment conclave in Chennai On Monday. State Industries Minister Thangam Thennarasu and Praveer Sinha, MD and CEO, Tata Power, are in the picture. | Photo Credit: R. RAGU

Tamil Nadu will soon become the number 1 State in Ease of Doing Business in India and the DMK government has already started taking steps to enable the State to move from the current number three position, Chief Minister M.K. Stalin said in Chennai on Monday.

Mr. Stalin said it was due to the efforts taken by his government in the last one year that Tamil Nadu, which was at No.14 in 2020 in Ease of Doing Business rankings, had leapfrogged to No. 3.

“We want to make Tamil Nadu as a Smart State that is an example for the rest of the world. Tamil Nadu should become the most attractive destination in South Asia for investors and ‘Made in Tamil Nadu’ products should reach all corners of the world,” the Chief Minister said speaking at the ‘Tamil Nadu - Investor’s First Port of Call’ investment conclave.

Mr. Stalin said since his government came to power, a total of 192 MoUs had been signed with a cumulative investment of ₹2.20 lakh crore.

Fresh investments

MoUs for 60 projects with a cumulative investment of ₹1,25,244 crore were exchanged in the presence of the Chief Minister at the conclave. These investments are expected to create jobs for 74, 898 persons in the State. The projects span several sectors including defence, textiles, IT, capital goods, EVs, auto components among others.

Mr. Stalin also inaugurated 12 projects with an investment of ₹1,497 crore providing employment to 7,050 persons. He also laid the foundation stone for 21 projects with an investment commitment of ₹22, 252 crore and employment opportunities for about 17,652 persons. In addition, organisational MoUs were exchanged for 11 FinTech projects.

Some of the notable investments are Tata Power, Lucas TVS, JSW Renew Energy, Infosys Ltd, Mastercard, PhonePe, Amplus (Petronas), Cubic PV, Rane Holdings Ltd., among others.

The Chief Minister also launched the ‘Tecxperience’ programme to encourage FinTech adoption in the State.

He also inaugurated the TN PitchFest, organised by Guidance and StartUp TN, to provide a platform for start-ups and to project the start-up ecosystem to Venture Capital and Angel Investors. Further, he released the Tamil Nadu Life Sciences Promotion Policy 2022 and the Tamil Nadu Research & Development Policy 2022.

Tamil Industries Minister Thangam Thennarasu said while the rest of the country was on a negative growth trajectory, Tamil Nadu was on a positive growth trajectory even during the pandemic due to Mr. Stalin’s leadership. 

State Industries Secretary S. Krishnan said 78 out of 132 MOUs signed last year were under implementation. “A 60% conversion rate within a year is a very healthy sign,” he said.


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Printable version | Jul 4, 2022 5:04:01 pm | https://www.thehindu.com/news/national/tamil-nadu/government-taking-steps-to-make-state-number-1-in-ease-of-doing-business-says-stalin/article65598922.ece