Tamil Nadu Chief Minister M. Okay. Stalin releasing the report, ‘Accelerating Tamil Nadu’s progress to changing into a One Trillion Dollar Economy by 2030-31’ at a perform held in Chennai on Saturday. Looking on are: (from left) Subhrakant Panda, president, FICCI, T. M. Anbarasan, Minister for MSME, T. Mano Thangaraj, Minister for Information Technology and Anish Shah, FICCI vp
| Photo Credit: RAGHUNATHAN SR
Tamil Nadu Chief Minister M.Okay. Stalin on Saturday inaugurated the nationwide govt assembly of the Federation of Indian Chambers of Commerce and Industry (FICCI) and likewise launched a FICCI – Deloitte Knowledge Paper on ‘Accelerating Tamil Nadu’s Progress to changing into a One Trillion Dollar Economy by 2030-31’.
Tamil Nadu is the second-largest State economy after Maharashtra and is the third-largest items exporter in India (by worth) after Gujarat and Maharashtra, the report mentioned. Assuming Tamil Nadu can sustain its current average of 10% progress, it is predicted to reach a USD 1 trillion economy benchmark by FY2034. However, to attain this milestone by FY2031, the State might want to develop at an average of 16.5% anually, it mentioned.
Achieving this progress fee would require the introduction of pathbreaking insurance policies and financial planning to draw investments, improve manufacturing, and develop exports, the report mentioned. As per the paper, Tamil Nadu might want to climb up the worth chain throughout all three sectors of the economy (main, secondary, and tertiary) to extend worth addition and propel its economy in direction of the set aim.
The main sector is required to develop at 16%, whereas the manufacturing {and professional} providers sectors are required to develop at 18%. To obtain the required sectoral progress charges, the State might want to usher in strategic investments over the following seven years, it mentioned.
Investments wanted in numerous sectors
The report additionally highlighted the quantity of strategic investments wanted in numerous sectors. The manufacturing sector wants to draw USD 598 billion in investments; the electrical energy, gasoline, water provide & different utility providers want investments to the tune of USD 430 billion.
The agriculture, forestry and fishing & mining sectors would want USD 396 billion in investments, whereas public administration & different providers would want strategic investments of USD 221 billion, it mentioned.
The actual property, skilled providers & monetary providers want to herald strategic investments of USD 213 billion. The development sector requires USD 147 billion; the commerce and resort and restaurant sectors wants USD 94 billion, whereas the transport, storage and communication sectors requires USD 21 billion to attain these objectives, the report mentioned.
State can turn out to be an R&D hub, says report
The State can utilise the robust larger training ecosystem and the supply of expert expertise to turn out to be a number one international analysis and improvement (R&D) hub. Key sectors of scope for the State embody R&D (together with biotechnology), Artificial Intelligence/Machine Learning, renewable power, defence, agri-tech, and electronics, the report identified.
It additionally recommended that Tamil Nadu ought to take a look at marine product processing and exports and likewise has great scope to turn out to be a transhipment hub, utilising its present port infrastructure.
The report additionally highlighted three strategic focus areas. One is the give attention to the theme of ‘Made in Tami Nadu’ and transferring up within the worth chain in manufacturing in sectors like electrical automobiles, agri-allied meals processing, technical textiles, chemical substances, non-metallic minerals and digital and semi-conductor industries.
The second space it identified was to give attention to constructing ‘Brand Tamil Nadu’ as an integral half of the worldwide economy, commerce, and tradition. This contains facets from exports to tourism.
The third space the report pointed to was that the State ought to aspire to steer India in rising applied sciences and innovation. This would allow the State to draw investments from rising sectors and supply it with a head-start over different economies.
T. M. Anbarasan, State Minister for MSME, T.M. Thangaraj, Minister for Information Technology & Digital Services, FICCI president Subhrakant Panda and FICCI vp Anish Shah in addition to G.S.Okay. Velu, chairman, FICCI Tamil Nadu State Council and others had been current on the event.
The report can be accessed right here.
