More than 26 lakh jobs are expected to be generated from these investments, says TN Chief Minister.
The Tamil Nadu Global Investors Meet 2024 has attracted record investments of ₹6.64 lakh crore, much higher than the estimated sum of about ₹5 lakh crore and doubled the investment that was attracted in the previous GIM held in 2019.
The investment commitment will be a major boost for the Chief Minister MK Stalin’s vision of the State becoming a $1- trillion economy by 2030. The announcement comes a day ahead of the Vibrant Gujarat, the investors conclave of Gujarat, to be held in Gandhinagar from Wednesday.
MK Stalin, Chief Minister of Tamil Nadu; Anand Mahindra, Chairman, Mahindra Group; TRB Rajaa, TN Industry Minister; Mallika Srinivasan, Chairperson TAFE; and TM Anbarasan, Minister for MSMEs, at the TN Global Investors Meet 2024, in Chennai, Monday. | Photo Credit: BIJOY GHOSH
The previous two Tamil Nadu global investors’ meetings happened in 2015 — when J Jayalalithaa was the Chief Minister — and in 2019 — when Edapaddi K Palaniswami was the Chief Minister — during the AIADMK regime. While the first edition attracted ₹2.42-lakh crore worth of investment, and the second one managed to bring in ₹3-lakh crore worth of investments.
Leading the pack
Tata Power led the pack of nearly 600 companies, including small and big firms, that signed the MoUs with the Tamil Nadu government in the two-day event. It will expand its footprint with a total investment of ₹70,800 crore in multiple locations, including Tirunelveli.
The Adani group was the second highest investor with ₹42,768 crore in the State – Adani Green Energy ₹24,500 crore; Ambuja Cements – ₹3,500 crore; Adani Connex – ₹13,200 crore and Adani Total Gas & CNG – ₹1,568 crore).
Singapore’s Sembcorp was the third highest investor with plans to invest ₹36,238 crore. Leap Green will invest ₹22,000 crore in Thoothukudi and Tiruvannamali districts.
Stalin, at the valedictory function, said, “we have attracted an unprecedented ₹6,64,180 crore of investments. A total of 26,90,657 jobs are expected to be generated from these investments that includes direct employment for 14,54,712 persons.”
Other major investors include CPCL Ltd with plans to invest ₹17,000 crore in Nagapattinam; L&T Innovation – ₹3,500 crore (Chennai); Saint Gobain – ₹3,400 crore and Royal Enfield – ₹3,000 crore (Kanchipuram), according to government data.
On the first day (Sunday), it was announced that VinFast will invest ₹16,000 crore to set up an integrated electric vehicle factory in Thoothukudi while Tata Electronics will invest ₹12,082 crore to expand its facility at Krishnagiri. Pegatron will invest ₹1,000 crore and TVS will invest ₹5,000 crore for its expansion plans.
PPP Policy
Stalin also released the Public-Private-Partnership policy. When large infrastructure projects are undertaken, it is difficult for the government to undertake the entire investment. In joint ventures, working together with the private sector is possible. “To attract such investments, the State government has released the PPP policy combining the best practices of the private and public sectors,” he said.
