Tamil Nadu secures Rs 6.64 tn in investments

Tamil Nadu made sincere efforts in 2024 to realise its US$ 1 trillion economy dream by 2030. The government announced measures to improve the ease of doing business and hosted its first-ever Global Investors Meet (GIM). The GIM) garnered investment commitments amounting to ₹6.64 trillion from multiple companies, projected to generate 26 lakh jobs statewide.

Tamil Nadu made remarkable progress in 2024, attracting substantial investments and implementing sector-specific policies to foster growth. The state focused on improving the ease of doing business and hosted its inaugural Global Investors Meet (GIM), a landmark event in its economic agenda.

During GIM, Tamil Nadu secured commitments worth ₹6.64 trillion, projected to create 26 lakh jobs. Notable investments included Vietnam-based VinFast’s ₹16,000 crore facility in Tuticorin, expected to generate 20,000 jobs, and Tata Motors’ ₹9,000 crore plant in Ranipet for electric and sports utility vehicles, creating 5,000 jobs.

Advancing its goal of becoming a US$1 trillion economy by 2030, Tamil Nadu also witnessed a major business shift with UltraTech Cement’s acquisition of India Cements, a historic company previously led by N. Srinivasan.

Chief Minister M.K. Stalin spearheaded efforts to attract global investments by leading high-profile delegations abroad. Visits to Spain, the U.S., and other countries resulted in 19 MoUs worth ₹7,618 crore, expected to generate 12,000 jobs.

To promote inclusive growth, the government announced the establishment of mini-TIDEL Parks in Villupuram, Karaikudi, and Tirunelveli. Developed in collaboration with the State Industries Promotion Corporation of Tamil Nadu (SIPCOT), these parks aim to extend IT sector benefits to smaller towns, accommodating around 500 IT professionals each with modern amenities.

Tamil Nadu also prioritized the burgeoning electric vehicle (EV) industry, contributing 40% of India’s EV four-wheeler production. Plans to establish charging infrastructure along major highways aim to further boost the sector.

Political analyst Sumanth Raman suggested the creation of a public dashboard to monitor investment inflows and ensure transparency in realizing commitments.