Nation Current Affairs 17 Feb 2020 FDI: Die cast for bi ...

FDI: Die cast for big Tamil Nadu industrial push

DECCAN CHRONICLE. | J V SIVA PRASANNA KUMAR
Published Feb 17, 2020, 1:16 am IST
Updated Feb 17, 2020, 1:16 am IST
The State has been constantly attracting new investments across sectors including Information Technology.
CM Edappadi K. Palaniswami at the famous Kew Botanical Garden  in London on September 1, 2019.
 CM Edappadi K. Palaniswami at the famous Kew Botanical Garden in London on September 1, 2019.

CHENNAI: With nearly 59 projects commencing the commercial operations in a year after the second Global Investors Meet held by the state government here in January this year, and another 213 are in various stages of development, Tamil Nadu which has been a mere spectator to the development around in the past, suddenly turned into a cynosure of all eyes, thanks to the efforts of Chief Minister Edappadi K. Palaniswami who chased foreign investors to fetch hefty investments to the State.

His maiden trip abroad, the first overseas visit by a CM to attract global investors, cast the die to transform Tamil Nadu. After the GIM, the State had signed 63 agreements to attract investments around Rs. 19,136 crore. After setting up a high-level committee headed by Mr. Palaniswami, 36 industrial projects worth Rs. 14,728 crore have been awarded various approvals to start the operations. This would create 22,763 jobs.

 

Apart from the electric vehicle manufacturer BYD and major mobile phone designing and manufacturing firm Wintech, many firms have started taking steps to set up their manufacturing facilities in Tamil Nadu, according to the CM. Foreign Direct Investment (FDI) flow into Tamil Nadu saw an increase of around Rs. 47,000 crore in the last three years, pegging it at around Rs. 1,80,000 crore now, Mr. Palaniswami said recently.

The State has been constantly attracting new investments across sectors including Information Technology. The recent investments by TCS and Infosys alone, are expected to create 31,000 direct IT sector jobs in the State, he added.

Perhaps, the belief among a section of the people that the southern districts languish while the northern districts prosper will change for the better ensuring
equitable development, once the petroleum refinery and petrochemical products facility comes about in the southern coastal town of Thoothukudi. The Kuwait-based Al-Kharafi is likely to invest around Rs. 49,000 crore to set up a petroleum refinery and petrochemical products facility at Thoothukudi. Mr. Palaniswami said Al-Kharafi is expected to set up a petroleum refinery in compliance with BS-VI emission norms adhering to the environmental standard to manufacture petrochemical products.

"This will bring in economic growth in the southern part of the State similar to that which took place in Jurong Island in Singapore and Dahej and Jamnagar in Gujarat," the Chief Minister said after laying the foundation stone for DLF Down Town Chennai.

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