Speech for the Hon’ble Minister for Industries to be delivered during the Road Show in Mumbai & Delhi
Sep 12th, 2018
ThiruPonnusamy, Chairman – CII Tamil Nadu,
Mr. Ananth Goenka, Managing Director, CEAT Tyres,
Mr.Parthasarathy, CFO, Mahindra and Mahindra
Officers from Government of Tamil Nadu,
At the outset, I extend my Greetings and good wishes to you all on behalf of Government of Tamil Nadu. I am very glad to meet with you all today. I am delighted to see the response have we received for this Seminar. I thank you all attending our Seminar on “Investing in Tamil Nadu”. Also, I Confederation of industry (CII) for supporting us in organising this seminar.
Tamil Nadu had earlier organised the First edition of Global Investors Meet (GIM) in September 2015. Over 6500 delegates including about 1600 Foreign delegates attended this. Also, Government of Tamil Nadu signed Memorandum of understanding (MoU) with 98 major investors with an investment of over Rs.2.42 lakhs crores which is equal to about US $ 36 Billion. As a result of our close monitoring and follow-up, 63 projects have been commissioned while balance projects are under various stages of implementation. Our GIM-2015 was considered as a resounding success.
Encouraged by the success of our GIM-2015, Government of Tamil Nadu is now proposing to organise the second edition of GIM-2019 on 23rd and 24th January 2019 in Chennai Trade centre, Chennai. Our GIM-2019 will showcase the competitive strengths of Tamil Nadu and its investment potential. Our GIM-2019 provides an ideal platform to understand and explore opportunities in Tamil Nadu. Also, the Networking sessions offer excellent scope for promoting your business. We are a launching a web portal www.tngim.com within next few days to facilitate online registration for participation. I take this opportunity to welcome you all to our GIM-2019.
Tamil Nadu has many competitive strengths to offer to investors. At present, Tamil Nadu is the second largest state economy with a GSDP of US $ 605 Billion on PPP basis and ranks 32nd largest in the world. Our State economy is bigger than many countries like Vietnam, Belgium, Sweden, Norway, Finland, Denmark, New Zealand, etc.
Tamil Nadu is one of leading Top Three industrialized states of India. Tamil Nadu is one fast growing economies with a GSDP growth rate of 7.94% in 2016-17 higher than India’s growth rate of 7.1%. During 2017-18, our growth rate was 8.03%
Tamil Nadu is currently ranked as one of Top Three States in terms of performance of Factories sector. Tamil Nadu is ranked First in terms of number of Factories and number of persons employed in Factories sector. Very recently in March 2018, an international consultancy firm called “Frost and Sullivan” published a report on ranking of States in terms of 10 parameters. According to this study, in terms of overall performance, Tamil Nadu is ranked Second in 2017 ahead of other Indian states.
Very recently in July 2018, National Council for Applied economic Research (NCAER) published its report on ranking of all Indian states in terms of State investment potential. According to NCAER, Tamil Nadu is ranked “Second” next only to Delhi. In 2017, Tamil Nadu was ranked Sixth. In 2018, Tamil Nadu has substantially improved its position to Second in terms of six parameters. Of this, Tamil Nadu is ranked First in terms of Good Governance and Political stability, Peaceful law and order conditions, Uninterrupted power availability, Skilled manpower availability and harmonious industrial relations, etc.
One more research study done in 2018 by Public Affairs Institute found Tamil Nadu ranked Second in terms of overall performance. In this report, Tamil Nadu is ranked First in terms of Law and order, delivery of justice, Environment protection and second in terms of essential infrastructure.
Findings of all the above three 2018 reports bear ample proof that Tamil Nadu is one of the best performing states in India.
Tamil Nadu is recognised globally as a favoured investment destination with strong potential for manufacturing. Tamil Nadu has emerged as the largest hub for the production of automobiles and auto components, electronic hardware, engineering, textiles, leather, etc.
Tamil Nadu is one of Top states in attracting Foreign Direct investment (FDI). At present, over 3000 Foreign companies including Joint ventures have invested in Tamil Nadu. This includes 61 Fortune 500 companies which have established their manufacturing base in Tamil Nadu. According Reserve bank of India data ending June 2018, actual inflow of FDI in to Tamil Nadu was Rs.160,497 crores equal to US $ 27,953 Millions.
Chennaihasbecome thehomeof eight auto majorsout of Top20globalautomobile manufacturersnamelyDaimler, Ford,BMW, Hyundai,Mitsubishi, Renault, PSA and Nissan.
Apart from automobiles and components, TamilNaduproduces arangeof manufactured goodslikeelectronic hardware, castings &forgings, pumps &motors,garments &textileproducts, leatherproducts,chemicals&plastics,etc.
In Tamil Nadu, the opportunities are immense for industrialists in Thailand. Tamil Nadu offers excellent potentialfor manufacture of automobiles and parts, electronic hardware, agro-processing, textiles and garments, pharmaceuticals, chemicals and petrochemicals and in leather goods.
Our Government believes in being pro-active. I invite you to our State - the land of great opportunities with immense potential.
Our Government offers an attractive package of support to investors. This includes land allotment in our Industrial parks and Special economic Zones, good infrastructure support like electricity, water, waste disposal, etc apart from attractive package of fiscal incentives. Our Single window facilitation online portal will enable you to get all statutory approvals within 30 days. Our Government is very pro-active and investor friendly.
On behalf of Government of Tamil Nadu, I wish to assure you all that our Government will extend its full support and cooperation to investors. We will be too happy to facilitate your investment proposals.
In Tamil Nadu, the opportunities are immense. Our GIM-2019 will showcase the investment opportunities in Tamil Nadu. I invite all the industrialists to participate in our GIM-2019.