TN on track to reach $1 trillion mark by 2030: PTR

CHENNAI: Tamil Nadu’s goal of achieving the $1trillion GSDP mark by 2030 was attainable due to the advantages that the State has, said Finance Minister Palanivel Thiaga Rajan on Monday.

Delivering his inaugural address at the India – Western Australia session organised by the CII and the government of Western Australia here on Monday, he said, “The chief minister’s vision is to make the state a $1 trillion economy by 2030 and is achievable as Tamil Nadu is India’s second largest economy, third largest in exports and is one of the best States for doing business.”

Noting that India is predicted to be the fastest growing and the largest economy in the world in the coming years, he said “By 2030, India will be larger than the

US and the European Union are today and roughly on par with the China of today. Australia in turn will play a key role in the growth of India as there is no single major market with more growth opportunities for Australian business than India. Though India’s value of Australia-India trade has grown, Western Australia’s trade with India needs to catch up as there is tremendous potential for us to tap into,” said Thiaga Rajan, who is also minister for human resource management.

“Australia has the third largest Indian population and with India - Australia ties continues to be stronger than ever, we expect business from TN to help grow the economy of Australia further in the coming years. Australia as a country has seen continuous growth and there are a lot of synergies that we see in the future be it in education, tourism, renewable energy, space, and biotechnology,” said Roger Cook, deputy premier of Western Australia in his keynote address.

Ravi Viswanathan, Chairman, international linkages sub committee, CIISR and MD, TVS Supply Chain Solutions highlighted the accomplishments made by the state saying, “Tamil Nadu is India’s largest automobile and auto-components exporter, is the second largest electronics hardware manufacturer, third largest software exporter and fifth largest producer of pharmaceutical products. The state has always been an industry hub with 34% contribution from industry to its GSDP. Many of the market leaders from diverse industries have set up base in the state too.” “From auto to manufacturing of electric two wheelers, it is the Krishnagiri-Hosur belt in TN that is the most preferred destination. Even more encouraging is this belt is now being touted as the semiconductor capital of India with many companies preferring to set shop in TN,” he added.

Alex Jenkins, Director, (WA) Data Science Innovation Hub said, “AI will play a major role in the global economy and is expected to touch $15 trillion by 2030.” Shannon Rourke (WA) CEO, Future Battery Industries CRC said, the market for energy storage is to be a $21 trillion industry by 2050 and India will be the largest market in energy storage by 2040.