After a strong bounce back in FY22, Tamil Nadu’s GSDP (Gross State Domestic Product) is expected to grow by 14 per cent this fiscal, given the current growth figures, pointed out Madras Chamber of Commerce and Industry.

Tamil Nadu, despite the setback due to the pandemic, was able to recover faster than many other States due to its resilient and robust public health system and concerted efforts.

Given its strong economic and industrial base, the State has embarked on a mission to achieve a GSDP of $1 trillion and exports of $300 billion by 2030.

Government initiatives

“The State Government has undertaken various initiatives such as allotment of ₹100 crore to improve the infrastructure of export companies, setting up of knowledge city and releasing export promotion strategy to bring Tamil Nadu a leader among Indian states in export. Focus is on sectors like information technology, data centres, textiles, electric vehicle manufacturing, tapping renewable energy, footwear industries as part of achieving the vision,” a statement quoting T R Kesavan, President, Madras Chamber of Commerce and Industry said.

Tamil Nadu has attracted over ₹50,000 crore in investment proposals this year. As many as 131 MoUs have been signed by the Government of Tamil Nadu from July 2021 to May 2022, which is expected to generate employment for more than 2.25 lakh people resulting in a rise in demand in the economy. The State has set up the first Advanced Manufacturing Hub in partnership with the World economic forum that will focus on innovation, new technologies, and Industry 4.0.

Talent and skills

Talent and skills are becoming critical factors for industrial development. Tamil Nadu Government’s recently launched “Naan Mudalvan Scheme” which aims to improve the skills to increase the employability of Students in Government Institutions, is a major step forward in breaking the barrier. MCCI is a Partner of this scheme by signing an MoU with the Tamil Nadu Skill Development Corporation for providing employment-ready courses for the students.

“Think-Tanks”

MCCI has 12 expert committees and 5 working committees that act as “Think Tanks” and share their knowledge and expertise for the various initiatives of the Chamber to enhance industry development.

MCCI is also working on bringing out a Ready Reckoner or a handbook for regulatory compliances titled “Doing Business in Tamil Nadu” by working closely with the government to encourage new investments and maintain a business-friendly climate, it said.

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