Tamil Nadus commerce and industry potential shows in study
Posted on: 13/Jul/2016 4:11:11 PM
The Associated Chambers of Commerce and Industry of India, or the Assocham, along with the Madras Chamber of Commerce and Industry, or the MCCI, has conducted a study on the economy of TN and released a sustainable action plan.
According to the action plan, Tamil Nadu holds the potential to create over 90 lakh new jobs and attract investments worth Rs 22 lakh crore during next five years. One of the main things that the government needs to work on is the ease of doing business. Tamil Nadu is the leading state in manufacturing industries, according to the report, but the Eleventh Plan, 2007- 2012, failed to accelerate the growth momentum achieved in the 10th plan period, about 9.7 per cent.
The reports says that the state achieved an average growth of 7.7 per cent in the Eleventh Plan. But growing at a compounded annual growth rate of about 16 per cent between 2006-07 and 2015-16, Tamil Nadu had attracted live investments worth over Rs 11 lakh crore, it noted. The overall growth rate has improved at an average of 9.2 per cent.
Speaking about this, the President of Assocham said, The government needs to a facilitator of business ventures and assure online and quick processing of approvals to increase the ease of doing business. GST would have a multiplier effect on the GDP of every state. For industries, the process to trade with other countries is simpler, but trade between states becomes difficult without the GST bill being implemented. The state government should work towards providing its approval on the bill. Assocham Vice President said, Small-scale and labour-intensive industries such as leather and garments should be revived.
