From a perceived economic slowdown, implementation of measures which result in GDP growth: this is the theme of resurgence that Tamil Nadu’s business growth reflects. The setting up of projects in line with MoUs signed in presence of the Hon’ble Chief Minister K Palaniswami during earlier events dovetails a story of a state whose industrial base continues to grow, with creation of jobs as the immediate impact.
It is reflected in the drive to a better future, as Tamil Nadu gears up to emerge as India’s e-automobile manufacturing hub. Along with the positive measures on the economic front in form of recent announcements by the Central Government, the state of Tamil Nadu has shown positivity in terms of new business and economic initiatives announced. The initiatives valued at over Rs. 7,000 crores in the industrial sector, widespread across the state.
The fillip to automobile sector post announcement of the e-vehicle policy has been witnessed in form of commitments from two foreign firms, Japanese-based MAHLE Electric Drives India and Korea’s Younghwa Tech.
This follows Hyundai having begun production of e-vehicles; the state is in talks with other companies in the e-vehicle sector. Since Tamil Nadu already has the sobriquet of Oragadam being the ‘Detroit of South East Asia’, it is fitting that even in e-vehicles, it continues to have a leader position.
These measures will result in creation of new jobs as also business opportunities for allied and ancillary industrial units, and will give a big fillip to development of the automobile manufacturing in the state.
For companies and MNCs considering Tamil Nadu as their manufacturing base, the setting up of industrial units along with availability of required core infrastructure as also Ease of Doing Business in the state, opens up potential to attract further investment in the state.
In sync with the Hon’ble Prime Minister’s ‘Make in India’ campaign; as also the introduction of unified tax structure in the form of GST, the initiatives are gradually turning from MoUs to actual start of production. This augurs well for the state’s economic development and growth, transforming into progressive mode for the state.