The Tamil Nadu government is expecting some changes in the industry, particularly in the auto industry, as the Centre is urging for electric vehicles by 2030 and would like to position itself well in this regard.
Mr. Palaniswami was escorted by a delegation including the Ministers of Industries M.C. Sampath, Revenue and Disaster Management and IT R.B. Udhayakumar, Milk and Dairy Development Rajenthra Bhalaji, Chief Secretary K. Shanmugam, many other government secretaries that included Industries secretary N. Muruganandam and CM’s secretary S. Vijayakumar. Sandeep Chakravorty, India’s Consul General in New York was there as well and he also addressed Thursday’s gathering.
In the meet, Mr. Palaniswami mentioned about former Tamil Nadu Chief Minister Jayalalithaa’s vision for fostering this state as the numero uno State in India and his government’s headway in achieving that dream.
Some recurring themes were observed throughout the event. As per data, Tamil Nadu was India’s second biggest State economy, which was doing better than the national average on multiple economic and developmental fronts, boasting of a highly educated population and also a skilled labour force. He said that the best evidence for the State’s vivacious investment environment is the great success of the Global Investors Meet (GIM) 2019. Tamil Nadu had pulled in approximately $43 billion worth of investments just through 304 MoUs.
Mr. Palaniswami said that in the defence industry corridor which is coming up in Tamil Nadu, his government is taking multiple initiatives to endorse aerospace and defence manufacturing industries. He also added that over 8,000 acres of land has been available at many industrial parks across the State.
While assuring the audience, he said that his State would always stand by everyone and give people the best possible investment experience. Top-level officials, including the Honourable Chief Minister, were also present to validate the commitment of the State government to attract investments.
He also said that investing in Tamil Nadu is like betting on a winning horse as the State is unique in being business-friendly and also welfare-oriented. This had developed the State into both a high consumption economy and a manufacturing hub.
Gaining profit from tension
Mukesh Aghi, the President and CEO of USISPF said that almost 200 U.S. companies, with around $21 billion in investment plans, were eyeing India as an investment destination because of the tariff wars going on between the U.S. and China. The accountability of capitalising on this prospect was divided between the Tamil Nadu and Central governments, according to Frank Wisner, who is a former U.S. Ambassador to India. He said that Centre carries huge responsibilities to come out with laws that ease employment of labour, the acquisition process of land, the dependability of tax systems and accountable and fiscally-minded government operations along with setting up a secure financial sector that is able to fuel investment.
The State, as per Mr. Wisner, would also then need to pitch in with full responsibility to assist in finding land and facilitating clearances, “running interference with Delhi”, offering educational and health infrastructure for the work forces and managerial talent.
The Chief Minister along with his team are slated to fly to San Francisco, Los Angeles, San Jose and then Dubai. He is going to meet with potential investors there and the Tamil diaspora in these places and then visit the Tesla electric vehicle factory located in Fremont, California.
The delegation also met with the Tamil diaspora in New York City this week, as part of the Yaadum Oorae (which means, everywhere is home) theme of the trip. Mr. Palaniswami also launched a website for pulling in more investment to the State, specifically from the Tamil population settled abroad. He said that by using this portal, the investors will be able to offer investment suggestions, which would directly reach the State government. People can also make use of the single window system through this portal.