Tamil Nadu’s GSDP to grow by 14% in FY23: MCCI

CHENNAI: Tamil Nadu, in spite of the setback due to the pandemic, was able to recover faster that many other States due to its resilient and robust public health system and concerted efforts.

The Gross State Domestic Product (GSDP) of Tamil Nadu bounced back to 14.6% in FY22 and is expected to grow by 14% in FY23 going by the data, Madras Chamber of Commerce and Industry (MCCI) President TR Kesavan told reporters here on Friday.

He said given its strong economic and industrial base, the State has embarked on a mission to achieve a GSDP of $one trillion and exports of $300 billion by 2030.

The State has attracted over Rs 50,000 crore investment proposals this year. A total of 131 MoUs have been signed from July 2021 till May 2022 which is expected to generate employment for more than 2.25 lakh people resulting in a rise in demand in the economy.

The State has set up the first Advanced Manufacturing Hub in partnership with the World economic forum that will focus on innovation, new technologies and Industry 4.0, he added.

Kesavan said the State Government has undertaken various initiatives such as allotment of Rs 100 cr to improve the infrastructure of export companies, setting up of knowledge city and releasing export promotion strategy to bring TN a leader among Indian states in export.

Focus is on sectors like information technology, data centres, textiles, electric vehicle manufacturing, tapping renewable energy, footwear industries, as part of achieving the vision put forth by Chief Minister MK Stalin, he said.

MCCI’s focus areas for the future include export promotion, industry 4.0, EV and fintech.