T.N. receives investment proposals worth ₹6.64 lakh crore during investors’ meet

A total of 26,90,657 jobs are expected to be generated from these investments, says Chief Minister M.K. Stalin at the conclusion of Global Investors Meet 2024

January 08, 2024 09:34 pm | Updated January 09, 2024 02:12 am IST - CHENNAI

Adani Group exchange MoU in the presence of Tamil Nadu Chief Minister M. K. Stalin, at the valedictory ceremony of the Global Investors Meet-2024, in Chennai on January 8, 2024

Adani Group exchange MoU in the presence of Tamil Nadu Chief Minister M. K. Stalin, at the valedictory ceremony of the Global Investors Meet-2024, in Chennai on January 8, 2024 | Photo Credit: B. Velankanni Raj

Tamil Nadu attracted an impressive investment commitment to the tune of over ₹6.64 lakh crore through 631 Memoranda of Understanding (MoUs) that would generate nearly 27 lakh jobs across sectors at the conclusion of the first Global Investors Meet (GIM 2024) conducted by the DMK government at Chennai Trade Centre on January 8.

“We have attracted an unprecedented ₹6,64,180 crore of investments. A total of 26,90,657 jobs are expected to be generated from these investments that include direct employment for 14,54,712 persons and indirect employment for 12,35,945 persons,” Chief Minister M.K. Stalin announced at the valedictory of the two-day mega event in the presence of United Kingdom’s Minister of State Foreign Commonwealth and Development Affairs Tariq Ahamad.

Some of the big ticket investment proposals were made by Tata Power (₹70,800 crore), Adani Group (₹42,768 crore), Sembcorp (₹36,238 crore), Leap Green Energy Pvt. Ltd. (₹17,400 crore) and Chennai Petroleum Corporation Limited (₹17,000 crore).

Contending these investments bear testimony to the investors’ faith in his government and its policies, Mr. Stalin assured to live up to their expectations and handhold and support their ventures throughout. Assuring single window clearances for the projects, the Chief Minister said the government would constitute a Special Committee under Industries Minister T.R.B. Rajaa, to monitor the progress of these investments. The committee would comprise officials from the Industries department and Guidance TN. “The committee will do everything to facilitate the transition of these MoUs into completed projects. You will always have access to my office. I guarantee you this in the presence of the Industries Minister and the officers and therefore you can be assured of our commitment,” Mr. Stalin said.

“With this GIM, this government that espouses the ‘Dravidian model’ of governance has laid the foundation for Tamil Nadu’s growth for the next 20 years,” he said, noting that the proposed investments would be across sectors such as advanced electronics manufacturing, green energy non-leather footwear, automobiles and e-vehicles, defence and aerospace, data centres, global capability centres, Information Technology and Digital Services.

Giving sectoral-wise break-ups, he said ₹3,79,809 crore had been mobilised through the Department of Industries, Investment Promotions and Commerce; ₹1,35,157 crore by the Energy department; ₹62,939 crore through the Housing and Urban Development department and ₹22,130 crore through the Information Technology and Digital Services department. Besides, ₹63,573 crore had been generated by the MSME sector that provides an enabling support system to large industries.

Balanced development

Notably, these investments, which are distributed all over the State, will ensure balanced regional development. Mr. Stalin was confident that the MoUs signed on Monday would help the government attain its ambitious target to make Tamil Nadu a $1 trillion economy by 2030 and play a key role in India’s economic growth.

Acknowledging that it is practically not feasible for the government to undertake all the major infrastructure projects by itself, Mr. Stalin released the Tamil Nadu Public-Private Partnership Policy, the first copy of which was received by Mr. Tariq Ahamad, This policy draws upon the best practices of both government and private sectors.

The Chief Minister also inaugurated TANFUND, which aims to bridge the gap between start-ups in Tamil Nadu and investment partners in India and across the world.

The Chief Minister commended Mr. Rajaa, Chief Secretary Shiv Das Meena and other officials for the success of the event.

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