24 Fortune-500 companies invested Rs 75K crore in TN: Thennarasu
The all-round efforts of the State have helped the state grow annually at 13.74% (current prices) contribute to 11.04% of the gross value addition to the manufacturing GDP of the country.
CHENNAI: State Industries Minister Thangam Thennarasu on Thursday informed the State Assembly that about two dozen Fortune-500 companies invested Rs 75,000 crore in Tamil Nadu in the last two years.
Replying to the debate on demand for grants for industries department in the State Assembly, Thennarasu informed the House that about 24 Fortune-500 companies had invested Rs 75,000 crore in the state during the last couple of years. Responding to the specific issue of setting up neo-TIDEL parks raised by AIADMK MLA P Thangamani during the debate on the demand for grants for the department in the House, Thennarasu said that in the aftermath of Covid, many employees (IT) had logged in from southern states when they worked from home. He also reasoned that not all firms must set up shop in Chennai and the IT firms were moving to tier-II cities and hence the new TIDEL parks were being set up in many cities.
Reasoning that Tamil Nadu has been a growing economy despite the change in the global investment climate which was impacted by Covid, war scenario in the west, problems in China and local financial constraints, the Industries Minister said that the State government was making concerted efforts to woo investments coming out of China.
The all-round efforts of the State have helped the state grow annually at 13.74% (current prices) contribute to 11.04% of the gross value addition to the manufacturing GDP of the country.
*63% of MoUs signed since May 21 in different stages of implementation*
Pointing out that Tamil Nadu registered a 17.7% increase in the Index of Industrial Production (IIP) during April – October 2022 period, against the 5.3% national growth average, the minister informed the House that of the 221 MoUs signed since May 2021 for a cumulative investment of Rs 2.70 lakh crore to create 3.89 lakh jobs, about 151 were at different stages of implementation.
He also pointed out that about 47% of the investment was in the 25 backward districts of the State.
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