The Tamil Nadu Chief Minister J. Jayalalithaa released the second phase of the Vision 2023 document spelling out specific infrastructure projects that will drive overall economic growth and strengthen the State’s position as a manufacturing hub.

She also unveiled sector-specific policies, including industrial policy, automobile and auto components policy, biotechnology policy and formally launched a website of the Tamil Nadu Infrastructure Development Board.

16,000 jobs

At the function, attended by industry leaders, representatives of industry associations and chambers of commerce, the State Government entered into 16 investment MoUs representing a cumulative investment of over ₹5,081 crore that will generate over 16,000 jobs in the next three to five years.

She said structural transformation is critical to put the State on a high growth trajectory. Between 2004 and 2006, Tamil Nadu grew by 11.45 per cent to 13.96 per cent.

It is expected to grow by over 6 per cent in the current year after a low of 4.14 per cent last year. The core of transformation has to be through share of manufacturing to GSDP which is less than 17 per cent. Vision 2023 envisages enhancing this share to 22 per cent.

Long-term plan

The long-term growth plan released today spells out 217 infrastructure projects across various sectors – energy, transport, industrial and commercial infrastructure, urban infrastructure and services, agriculture and human development.

As compared with the first phase, the investments in agriculture sector have been increased to ₹1.21 lakh crore from ₹40,000 crore and for the human development sector ₹59,140 crore from ₹30,000 crore previously.

The overall projected investments targeted in other critical sectors are projected at ₹15 lakh crore. The objective of the new policy is to strengthen State’s competitiveness as a manufacturing hub.

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