"Inaugural Day of TNGIM Attracts Investments Valued at ₹57,000 Crore"

Tamil Nadu Global Investor Meet Secures ₹57,354 Crore in Investment Commitments on Opening Day

In a remarkable start to the two-day Global Investor Meet (GIM) in Tamil Nadu, Memoranda of Understanding (MoUs) valued at ₹57,354 crore were inked between the state government and various investors. Leading the investment charge are VinFast, Tata Electronics, and JSW Group, with plans for an EV manufacturing plant, significant capital injection, and collaborative projects.

VinFast, a Vietnamese company, is set to invest ₹16,000 crore in establishing an electric vehicle manufacturing plant near Thoothukudi. Tata Electronics and JSW Group also committed ₹12,000 crore each for their respective projects.

The event featured the unveiling of the 'Tamil Nadu Semiconductor and Advanced Electronics Policy 2024,' targeting a rise in the state's electronics exports contribution from 30% to 40% by 2030. Singapore joined forces with Tamil Nadu to develop 'India’s first Net-Zero Industrial Park' in northern Chennai, with a comprehensive framework expected within a year.

Reliance Industries Chairman Mukesh Ambani announced a ₹35,000 crore investment in Tamil Nadu, including the opening of a data center in Chennai next week. A.P. Moller – Maersk expressed interest in investing in land development to establish logistics hubs, signing an MoU with the state government.

Qualcomm revealed a ₹177-crore expansion in Chennai, establishing a design centre focused on wireless connectivity solutions and contributing to global R&D efforts in 5G cellular technology. The center is expected to generate employment for 1,600 skilled professionals.

Economist Aravind Subramanian and former RBI governor Raghuram Rajan discussed Tamil Nadu's goal to become a $1 trillion economy by 2030 during a session. Subramanian emphasized the need for an 18% annual growth rate, identifying China's manufacturing decline as an opportunity for India. Rajan suggested a focus on specialized manufacturing.

JSW Group's Sajjan Jindal provided a significant endorsement, highlighting the company's uninterrupted operations in the state since 2005, emphasizing resilience amid supply chain disruptions and labor issues.

HBL