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Tamil Nadu could become an attractive destination for many emerging sectors such as electric vehicles, electronic manufacturing services, and industry 4.0, among others, pointed out industry representatives during the 186th Chamber Day celebrations of the Madras Chamber of Commerce & Industry (MCCI) here.
“MCCI seeks to work closely with the Tamil Nadu government in making the State a strong investment destination for many emerging segments. We have 14 expert committees to share our feedback and ideas with the government,” said TR Kesavan, President, MCCI.
Drawing the views of CMD, TAFE Ltd, Mallika Srinivasan, who couldn’t participate and present her speech at the event, Kesavan pointed out that Tamil Nadu was moving in the right direction to become a preferred investment destination. Tamil Nadu Chief Minister MK Stalin has declared a vision to make Tamil Nadu a $1 trillion economy by 2030. The State has a huge opportunity and we believe that the State can achieve its vision.
Discussing the path to $1 trillion, he said the State should look at the evolution in different sectors and sub-sectors and ensure that it becomes an attractive destination in all those.
The electric vehicle segment is a big opportunity for the State. Globally, about $350 billion worth of investments have been committed over the next 5–10 years. Tamil Nadu has huge potential to attract a lot of investment in the EV space given its strengths in the automobile sector. The State could become a hub for EV batteries, motors, R&D, and other components. In addition to generating a talent pipeline, the state should focus on creating value and enabling an ecosystem, which are key to attracting EV investments.
Electronic manufacturing services, Industry 4.0, textiles, and tourism are among other segments that offer huge potential for the state.
Lakshmi Narayanan, Co-Founder, Cognizant discussed the disruptions caused by technology not just across industries but also in society. “Technology is something that is going to provide the path for the prosperity of humanity,” he added.
V Sriram, Writer and Historian made a presentation on “Chambers’ history” and its contributions over these years.
MCCI seeks to bring out a Ready Reckoner or a handbook for regulatory compliance titled “Doing Business in Tamil Nadu” by working closely with the government to encourage new investments and maintain a business-friendly climate.
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