Business Other News 08 Jun 2018 Tamil Nadu 4th in FD ...

Tamil Nadu 4th in FDI inflows in 2017: Industries Minister

DECCAN CHRONICLE.
Published Jun 8, 2018, 5:41 am IST
Updated Jun 8, 2018, 5:41 am IST
The State received more than three times FDI during the last six years when compared to the previous 11 years.
TN manufactures the highest number of cars in India- about 10.80 lakhs per annum besides 1.30 lakh heavy vehicles and 32 lakh two-wheelers.
 TN manufactures the highest number of cars in India- about 10.80 lakhs per annum besides 1.30 lakh heavy vehicles and 32 lakh two-wheelers.

Chennai: Tamil Nadu ranked fourth in the country in terms of FDI inflows during 2017. The State received Rs. 17,745 crore in FDI constituting 7.67 per cent of the total FDI in India, Industries Minister M. C. Sampath told the Assembly on Thursday. The State received more than three times FDI during the last six years when compared to the previous 11 years.

Refuting the opposition charge that investors were shying from Tamil Nadu and industries are migrating out of the State, Mr. Sampath said between May 2011 and December 2017, TN attracted Rs.1,18,099 crore as FDI as against Rs. 33,024 crore FDI during the previous 11 years from April 2000 to April 2011. "From this it may be observed that Tamil Nadu attracted more than three times FDI during the last 6 years as against the previous 11 years," he said.

 

Stating that TN received Rs. 17,745 crore FDI in 2017, ranking fourth, the Minister said States like AP, Gujarat, MP, Jharkhand, etc. which were ahead of TN in terms of IEM intentions have lagged behind our State in FDI inflows, thus proving that TN continues to "remain as the most preferred investment destination."

 Intervening the speech of Congress member H. Vasanth Kumar, during the debate on the demand for grants for Industries department, Mr. Sampath said proactive policies led to industrial growth and in 2014, the AIADMK government had brought Biotechnology Park.

"Tamil Nadu accounts for highest number of cars manufactured in India - about 10.80 lakhs per annum besides 1.30 lakh heavy vehicles and 32 lakh two-wheelers are produced in the State. "TN has become a production State and facilitated large-scale employment opportunities," Mr. Sampath added.

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