The Tamil Nadu Government on Monday signed 60 MoUs to bring in a cumulative investment worth ₹1.25 lakh crore and offer 74,898 jobs. In the last one year, the State had attracted investment worth ₹2.20 lakh crore (from 192 MoUs signed), according to State government data.
At the Tamil Nadu Investors' First Port of Call - Investment Conclave, 53 facilitation MoUs were signed with an investment of ₹65,373 crore, offering employment opportunities to 58,478 people. The companies that signed the MOUs include Amplus (Petronas)i; Cubic PV and L&T.
In addition, seven MoUs for projects that have been sanctioned with structured packages of incentives were signed with an investment value of ₹59,871 crore, providing 74,898 jobs. The firms include Lucas TVS, ACME Green Hydrogen and Tata Power.
Chief Minister MK Stalin, at conclave, inaugurated 12 projects with an investment of ₹1,497 crore emloying 7,050 persons. He also laid the foundation stone for 21 companies that brought investment worth ₹22,252 crore and creating 17,654 jobs. He also launched the Tamil Nadu Life Sciences Promotion Policy 2022 and Tamil Nadu R&D Policy 2022.
TECXPERIENCE program
To encourage FinTech adoption in the State, the Chief Minister launched the TECXPERIENCE program, a suite of technology services available for free or at a discounted price for a limited period. He also inaugurated TN PitchFest, organised by Guidance and StartUp TN, to provide a platform for StartUps in the State to venture capital firms and angel investors.
Organisational MoUs were exchanged for 11 projects, including VakilSearch and Capital FinTech. Two firms - PrimeInvestor Financial Research and DigiMoney Finance got incentives under the FinTech policy. The sanction orders were handed over by Stalin to the two companies.
Steps towards a $1 trillion economy
In his speech, Stalin said that the State had set four major goals - to become a $1 trillion economy; be the best investment destination in South Asia; make `Made in Tamil Nadu’ products available worldwide and bring investment in all the districts for inclusive growth. The investment coming to the State is based on these four goals, he said.
Industries Secretary S Krishnan said that, out of the 132 MoUs signed in the last year, 78 are under various stages of implementation. The 60 per cent conversion rate within a year is a very good sign, he added.