TN to Attract Rs 66,000 Cr Investments; Renewable Energy, e-Mobility in Focus

Post COVID-19 induced lockdown last year, Tamil Nadu now sought to bounce back with mega ticket deals in various sectors including renewable energy electric mobility etc, seeking to live up to its image of a favourable investment destination.

January 04, 2021. By Manu Tayal

Post COVID-19 induced lockdown last year, Tamil Nadu now sought to bounce back with mega ticket deals in various sectors including renewable energy electric mobility etc, seeking to live up to its image of a favourable investment destination.

With the government stepping up its efforts to attract investments by forming committees under state Chief Secretary K Shanmugham and former RBI Governor C Rangarajan, Tamil Nadu managed to bag huge investments in 2020, said the PTI report.

The state Industries Department said the government signed 80 memorandum of understanding (MoUs) with various companies entailing investments of more than Rs 66,000 crore which would see job creation of over 1.21 lakh.

Guidance Tamil Nadu is the nodal agency operating under the industries department and its Chairman Neeraj Mittal said the government has signed 80 MoUs worth over Rs 66,000 crore.

“All these have been signed till date. Now in the coming year this will fructify...Tamil Nadu will march ahead with these investments...Tamil Nadu is number one ranked in the country (in attracting investments),” he told PTI.

“Our team keeps track of the investments committed and we have increased the employee base from the earlier 5 to around 80 now who would be constantly monitoring the status of those projects that had been signed or that are yet to be signed,” he said.

“...so, basically, the entire culture in Tamil Nadu is investor-friendly. The government is very proactive,” he said.

On the impact of pandemic on the industry, he said the government appointed two committees, each led by Shanmugham and Rangarajan, which have been giving their guidance whenever necessary, including on targeting specific countries and firms who want to relocate from a particular country.

Such initiatives helped the state clinch deals worth Rs 66,000 crore during the pandemic, he said, adding “the drum beat of Tamil Nadu has increased this year”.

Citing a study, he said TN was ranked top in the entire country during the current financial year.

The state attracted investments in areas like electric mobility, renewable energy and automotive from Ola Electric, Stuttgart-based Daimler and Adani Group among others.

“Most companies which were hit by the COVID-19 lockdown have gone back to pre-pandemic levels. It may be in auto companies, fuel companies...there is enough demand and with all these investments the industrial climate will only go up and the new projects will generate new jobs,” Mittal added.

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