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Tamil Nadu has emerged as the most attractive investment destination in the first nine months of FY22. The State is the highest net gainer in terms of investment during April to December 2021. The State attracted investment worth ₹1,43,902 crore during this period against ₹36,292 crore in the same period last year — a net gain of ₹1,07,610 crore.
Gujarat came second with a net gain of ₹77,892 crore and Telangana third (₹65,288 crore), says a report by Projects Today.
Some of the companies that have committed investment in Tamil Nadu include Tata Group; JSW Renew; Hindustan Unilever; TVS Motor; Adani and Larsen & Toubro.
Quick decision making
Sound policy and quick problem-solving approach helped Tamil Nadu to attract investment. “This is the feedback that we got from the companies. There is a willingness to listen, and a willingness to resolve,” said Industry Secretary S Krishnan.
The decision making on a range of issues, including incentive packages, is fast. Through the pandemic, these factors became important as decision making was with a view that the economy should not suffer too much, he added.
The DMK, that came to power in May, has released a series of policies including FinTech; MSME and Data Centre to woo investors.
S Chandra Kumar, Chairman-CII Tamil Nadu and Founder-Chairman, Kauvery Hospital, said despite the pandemic, the State has strengthened competitiveness of doing business. The State government should continue the ease of doing business initiatives in new and emerging sectors like biotechnology, medical equipment manufacturing and renewable energy.
CK Ranganathan, Chairman & Managing Director, CavinKare Ltd, said that the increase in FDI clearly shows the trust global investors and industry leaders have with the current government. The political and bureaucratic leadership of Tamil Nadu is so strong and has always had the legacy of attracting Industrial investments into Tamil Nadu.
State ranking table
Across India, the first nine months of the current fiscal saw 7,764 new projects with a total investment commitment of ₹12,76,679 crore. While Tamil Nadu was the top net gainer, Gujarat — aided by 22 mega private projects worth ₹ 1,77,007 crore — topped the State ranking table with 943 new projects worth ₹2,31,315.7 crore in first nine months this fiscal followed by Maharashtra (1,129 new projects worth ₹1,51,130.28 crore) and Tamil Nadu (304 projects worth ₹1,43,901.84 crore), the report said.
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