There was perhaps a brief flutter of apprehension among government officials and organisers of the Tamil Nadu Global Investors Meet (GIM) when grey clouds hung over Chennai on Sunday morning.
Much to their relief, it was over in a drizzle and the summit hall in Nandambakkam, a western neighbourhood of the capital city, was packed with delegates and heads of businesses.
Tamil Nadu CM MK Stalin, traded his signature all-white shirt and veshti for a crisp suit. He touched upon it in his inaugural address – “I normally wear a suit only when I travel overseas. Today I chose to wear it since people from all over the world are in Chennai.”
Tamil Nadu is facing stiff competition from states such as Karnataka, Telangana, Gujarat, Uttar Pradesh, and Maharashtra in luring industry and investments. TN’s GIM has been timed to take place just ahead of the Vibrant Gujarat summit, scheduled from January 10-12.
Both states are in to lure major investments from automobile firms. Gujarat took flight in the automotive sector in 2009 when Tata Motors set up its Nano manufacturing plant in Sanand, around 50 kilometres from Ahmedabad. Since then, the state has drawn investments from global players such as Ford Motors, Suzuki Motors and MG Motors.
States such as Gujarat, Maharashtra, Tamil Nadu, and Karnataka are competing to attract American automotive giant Tesla for the establishment of its electric vehicle (EV) plant. Amidst reports of Tesla considering the setup of a manufacturing plant in Gujarat, Tamil Nadu has successfully drawn another EV manufacturer, VinFast Auto Ltd, a Vietnam-based multinational automotive company. VinFast Auto Ltd has pledged a significant investment of Rs 16,000 crore in Tuticorin.
Also, read: Tata Electronics, JSW Energy, TVS Group unveil big ticket investments at Tamil Nadu Global Investors Meet
Ola Electric’s new EV hub which is being built in Tamil Nadu’s Krishnagiri district will potentially employ 25,000 workforce when it runs on full-scale, said the firm’s cofounder and Chief Executive Officer (CEO) Bhavish Aggarwal on January 7 at the GIM.
Also, read: TN GIM 2024: Ola Electric’s new EV hub has potential to employ 25,000 workforce, says CEO Bhavish Aggarwal
'Strength of India lies in states'
Union minister for commerce and industry, Piyush Goyal who was present at the GIM in Chennai lauded Stalin for his ‘bold vision’ of aspiring to turn the state into a 1 USD trillion economy by 2030. He emphasised that India’s strength and its aim to become a developed country lies in the strength of its states and the Union territories.
"The strength of India, the strength of a Viksit Bharat, lies in its strong pillars which are its 28 states and the eight union territories of India. I believe when Tamil Nadu aspires for a USD 1 trillion economy by 2030, it’s an ambitious goal of 18 percent growth every year.”
Beautification ahead of GIM
Mount-Poonamallee Road in front of the venue at Chennai Trade Centre at Nandambakkam is dolled up, roads leading to the venue appear freshly laid, Metro barricades have been replaced with Tamil Nadu GIM boards and even the under-construction Metro pillars within the line of sight received a coat of paint.
Stalin unveiled his government's roadmap to make Tamil Nadu a $1 trillion economy by 2030, and also unveiled the 'Semiconductor and Advanced Electronics Policy' with a specific focus on Hosur, Coimbatore, and Trichy, to attract new investments.
“TNGIM has witnessed an encouraging response and is expected to bring pride and investment to Tamil Nadu. Our focus is to ensure development for all," Stalin said.
TRB Rajaa, the state minister for industries, investment promotion, and commerce said, “Tamil Nadu's skilling prowess exceeds the national benchmark by contributing 43% of the total women workforce in India".
Over the course of the two-day summit, more than 170 globally acclaimed speakers are expected to share their vision in 26 thought leadership sessions. More than 40,000 people have registered for the summit in addition to over 450 international delegates attending from 50 countries, largely comprising industry leaders and representatives of global conglomerates participating in the summit, according to the state industries department.
Also, read: TN GIM 2024: Tamil Nadu announces 50% top up to Centre's capex-linked semiconductor subsidy
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
