Tamil Nadu aims to attract Rs 2 lakh crore in 2nd Global Investors’ Meet

The second edition of Tamil Nadu Global Investors’ Meet (GIM) began in Chennai on Wednesday with a target to attract investment worth Rs two lakh crore during the two-day event in various sectors such as automobile, energy, logistics and ITES.

“This edition has targeted an investment of Rs 2 lakh crore rupees, which I am happy to say has already been exceeded. The final tally of investment proposals will be announced on Thursday,” Tamil Nadu Chief Minister Edappadi K Palaniswami said while addressing at the inaugural function of GIM’s second edition here.

According to him, proposals for new investments have been pouring in the last year, since preparation for GIM-2019 started. The first GIM was held in 2015 which attracted 98 investment proposals with an investment commitment of Rs 2.42 lakh crore for a period of three to seven years, said Palaniswami who inaugurated the state-of-the-art Global Technology and Business Centre of Ford Motors, which has come up in Chennai at a cost of Rs 1,300 crore.

Union Defence Minister Nirmala Sitharaman released the state’s industrial policy for defence and aerospace sectors with an aim to create high-end employment opportunities for around 1 lakh people. The new policy was unveiled days after the Centre launched the defence industrial corridor project at Trichy in Tamil Nadu with investment proposals to the tune of Rs 3100 crore from the ordinance factory boards (OFBs), Defence Public Sector Undertakings (DPSUs) and private sector units.

On the Aerospace and Defence Production Policy, CM Palaniswami said that about 35 companies from Tamil Nadu have already signed Transfer of Technology agreements with the Defence Research Development Organisation (DRDO). These include MRF Ltd to manufacture Aero-muscle Tyre indigenously developed for Sukhoi fighter jets of the Indian Air Force.

“LMW is establishing an aerospace and defence components manufacturing unit in Coimbatore. Many more such projects are on the anvil,” Palaniswami said.

He said the state government has promoted an exclusive aerospace and defence park in 250 acres, which can be expanded to 700 acres in Sriperumbudur near Chennai.

Adani Ports Chief Executive Officer (CEO) Karan Adani on Wednesday said Adani Group would be signing a Memorandum of Understanding (MoU) to invest Rs 12,000 crore in Tamil Nadu across various projects, including logistics, industrial park, city gas distribution. Hyundai Motors, the second largest car manufacturer in the country announced an investment of Rs 7,000 crore for manufacturing electric cars close to its existing plant in Sriperumbudur.

Sitharaman termed the NDA government’s 2017 rollout of the Goods and Service Tax as the biggest reform taken as part of systemic reform and pitched India as a bright spot for investors. “The biggest reform in the last 60 years was to make India as one market and that was achieved under Prime Minister Modi,” she said. Together with many steps taken by the government, the country has now climbed the World Bank’s Ease of Doing business index also, she noted.

Nirmala’s Move

Defence minister Nirmala Sitharaman released the state’s industrial policy for defence and aerospace sectors with an aim to create employment opportunities for around 1 lakh people.