Chennai: Tamil Nadu Chief Minister Edappadi K Palaniswami released the state's Industrial Policy 2021, with an objective to attract investments worth Rs 10 lakh crore and employment opportunities for 20 lakh people by 2025. It also talks about achieving an annual growth rate of 15% in the manufacturing sector and increasing the contribution of the sector to 30% of the state's economy by the end of the decade.
28 MoUs were signed with a cumulative investment of Rs 28,053 crores, with an employment potential for 68,775 persons. The investments span across domains such as electric vehicles, renewable energy, electric vehicles, auto components, FMCG, industrial parks among others. Over 10 of the 28 firms who signed the MoUs are from abroad, some of the notable names include BASF Germany, Reckitt Benckiser UK, Flyjac Logistics Hitachi Transport systems group Japan, Pegatron corporation Taiwan among others.
Big-ticket Indian investors included theTVS group, TATA group and Tube investment.
On a day that marked four years of Edappadi K Palaniswami having been in office as the Chief Minister of the southern state, he inaugurated eight completed projects at an investment of Rs 3,377 crores and employment potential for 7,139 persons.
Foundation stone was also laid for the four SIPCOT industrial parks, that would cater to the needs of automobile and auto components, food processing, engineering and textile sector.
N Chandrasekaran, Tata Group who addressed the event virtually, lauded the Tamil Nadu Government machinery for enabling the conducive environment for business.
Venu Srinivasan, Chairman TVS Motors, said at the event that with the new industrial policy, Tamil Nadu will become a leader in emerging sectors like electronics. He expressed his happiness over the Tata group leading the effort.