Tamil Nadu Global Investors Meet 2024
Chennai recently played host to the Global Investors Meet-III (GIM-III) against the backdrop of Tamil Nadu’s ambitious target of becoming a $1 trillion economy by 2030. The main objective was to attract investments in the state to scale up the economy.
During the past decade, Tamil Nadu has been at the forefront of India’s
growth and has been figuring among the top three performing states,
contributing around 9%-10% to the country’s GDP.
The major objectives of hosting the GIM-III were:
1. Targeting fresh
investment of Rs 5.5L crores across the state
2. Generate direct and indirect employment within Tamil Nadu
Fresh Investments
The state government had targeted investments worth Rs 5.5L crores but
ultimately ended up signing MoUs worth Rs 6.64L crores. This was more than
double the value of MoUs signed during the earlier GIMs held in 2015 and 2019.
The MoUs were signed with some of the big industry groups within India
as well as overseas.
These included the Tatas, Reliance, Adani group, Leap Green Energy, TVS,
JSW, Hyundai, and Ambuja Cement.
Some of the overseas groups comprise Sembcorp (Singapore), Vin Fast Auto
(Vietnam), Hong Fu and Pou Chen (Taiwan),
The investment proposals were across varied industry segments covering
mainly Renewable Energy, Green Hydrogen, Electric Vehicles, Automobiles, Mobile
Phones, and Nonleather Footwear as well as the setting up of State-of-the-Art Data
Centres.
Another notable feature of the proposals was that many of these projects
were slated to be set up in Tier 2/Tier 3 cities and rural areas.
Employment Generation
The TN government has claimed that the investment proposals would result
in the generation of around 26.90 lakh jobs as and when the projects go on
stream. This includes around 14.54 lakh indirect jobs.
The Road Ahead
Judging by the investment proposals signed vis-à-vis the target set by
the government one could, prima facie, term the GIM-III as a success.
As the saying goes “The proof of the pudding lies in its eating”. In
this case, we need to keep in mind the conversion rate of such proposals into
actual investment on the ground. No past data is available on the success rate
of such proposals and hence it would be premature to pass any judgment at this
point in time.
However, assuming that even if 20% of the investment proposals fructify
into actual projects this would be a decent achievement.
We keep our fingers crossed.
