Tamil Nadu Cabinet approves over ₹15,000-crore investment in industrial sectors

The investments, for projects across the State, were particularly in the electric vehicles (EV) sector — both two-wheeler and four-wheeler cell-manufacturing plants, existing automobile units, wireless technology, textiles and an oxygen-manufacturing unit

January 05, 2023 12:42 am | Updated 03:11 am IST - Chennai

Tami Nadu Chief Minister M.K. with Industries Minister Thangam Thennarasu and business leaders at the Secretariat in Chennai. File photo

Tami Nadu Chief Minister M.K. with Industries Minister Thangam Thennarasu and business leaders at the Secretariat in Chennai. File photo | Photo Credit: The Hindu

The Tamil Nadu Cabinet, chaired by Chief Minister M.K. Stalin, at the Secretariat on Wednesday gave its approval for projects entailing an investment of ₹15,610.43 crore in various industrial sectors.

Briefing journalists after the meeting, Industries Minister Thangam Thennarasu said the proposed investments would generate 8,876 jobs.

The investments, for projects across the State, were particularly in the electric vehicles (EV) sector — both two-wheeler and four-wheeler cell-manufacturing plants, existing automobile units, wireless technology, textiles and an oxygen-manufacturing unit.

When asked about the details of investors, the Minister said it was commercially sensitive information and would be revealed at the time of signing memoranda of understanding (MoUs) in the presence of the Chief Minister.

Mr. Thennarasu said the government had amended the EV policy to extend exemption from road tax for such vehicles.

To another question, he said the Tatas were not on the list of investors cleared by the Cabinet.

The Minister said there were eight projects, which would come up in Krishnagiri, Theni and Pudukottai districts, and areas around Chennai. He said southern Tamil Nadu had attracted a lot of investment. “More investments are coming, particularly in green hydrogen projects. After the commencement of the Kulasekarapattinam spaceport programme, allied industries will come up there,” he said.

He pointed out that TATA Power had a major project in Gangaikondan, and said non-leather shoe manufacturing companies were also likely to invest in southern Tamil Nadu.

When asked about the textile park, he said there would be two projects in E. Kumarlingapuram near Sivakasi. “One project is by the Tamil Nadu [government] and the other is by the Union government. They have plans to set up seven mega projects, and Tamil Nadu is likely to get one.”

Participation in WEF

Regarding Tamil Nadu’s participation in the World Economic Forum (WEF), he said the visit was not just for [attracting] investments, but also to assert the State’s place in industrial development. “The WEF is a forum where we will explain that Tamil Nadu is the best destination for investment and [talk about] the availability of facilities in the State. We will meet new investors and the existing investors for expansion,” he said.

Reiterating that preference in employment had been given to persons from Tamil Nadu, Mr. Thennarasu said the government had conducted a study, according to which 87% of the jobs were given to persons from the State in every category.

While Tamil Nadu’s inherent strength was in the textile, automobile, and leather industries, the State had prepared itself to attract investments in emerging technologies.

“We are attracting investments in EV and Green hydrogen. Tamil Nadu has an important role in sustainable energy. New technology such as Fintech [financial technology] is coming. We have a unique place in the country because of the diversified nature of investment. If there is a decline in one industry, it will be offset by another,” he said.

According to the Minister, the EV was very important for future mobility. “Whether [it is] two-wheelers or four-wheelers, we have a supportive ecosystem. We have already secured first place in the country in EV. To retain the place, we evolve policies to adopt the changes,” he said.

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