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Tamil Nadu targets $ 1 trillion economy

Sep 25, 2021
Tamil Nadu targets $ 1 trillion economy

Chennai, Tamil Nadu

Tamil Nadu (TN) Chief Minister MK Stalin has unveiled a five-year strategy as the state targets a $1 trillion economy by quadrupling its exports in nine years. According to the Tamil Nadu Export Promotion Strategy 2021, the state has an estimated export potential of $22 billion and there is need for sector-specific export-oriented push to accelerate overall export.

Drawing a comparison to ‘Made in India’ products that are available across the globe, the State should work towards ensuring ‘Made in Tamil Nadu’ products, too, said Stalin, unveiling the strategy at the Tamil Nadu Exports Conclave, held as a part of events commemorating the 75th anniversary of Indian Independence.

The investments have been made in textiles, chemicals, IT/ITES, steel, leather apparels, and general manufacturing sectors, at various locations in Chennai, Kancheepuram, Tirupattur, Krishnagiri, Madurai, Salem, Tiruchy, Thanjavur, Thoothukudi, Dindigul, and Tirunelveli districts, ‘ensuring a balanced growth across the State’.

Stating that TN will adopt a two-pronged approach — export promotion and export diversification — to achieve its aim of a $1 trillion economy by 2030, the CM said TN stood at number three in India with 8.97 % share in national exports.

He also said that, the State is setting up an Export Promotion Council under the Chief Secretary to boost exports, while also urging the industry to tap new avenues for exports, including electric vehicles, batteries, renewable energy, aerospace, food processing, and electronics, for the same.

The CM also highlighted that the State has identified 10 export hubs where infrastructure projects will be strengthened by reimbursing 25% of the project cost. The idea is to decentralise export potential to develop districts as export hubs and generate jobs. Besides, the MSME Trade and Investment Bureau (M-TIPB) has also signed a pact with Flipkart/ Walmart and the Indo German Chamber of Commerce (IGCC).

Source: The New Indian Express

Image Source: Google Images

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