Tamil Nadu State Economy Growth: Government enters 16 MoUs worth Rs. 5137 Crores
Posted on: 23/Jul/2020 5:44:12 PM
Even while the State Government of Tamil Nadu has taken up hectic activities to prevent the spread of the raging coronavirus pandemic, it has indeed made a big push to industrial development:
Today (Wednesday, 23rd July), the State Government of Tamil Nadu has inked Memorandums of Understanding (MoUs) with 16 companies involving an investment of more than Rs 5,000 Crores which would facilitate the creation of more than 6,500 jobs.
The MoUs were signed at the State Secretariat in the presence of Chief Minister Edappadi K Palaniswamy.
The venues for the new projects: The Districts of Kanchipuram, Chingleput, Dindigul, Tirunelveli, Chennai and Coimbatore, This involves a total investment of Rs 5,137 crores and would create 6,555 new jobs.
While six MoUs were signed directly, the other ten were done through video-conferencing.
Of the 16 MoUs, seven were from US companies who had committed to investing in the State through the American Tamil Entrepreneurs’ Association during the Chief Minister’s visit to the United States in September last year.
Today’s inking of pacts comes in the backdrop of the state government signing 17 MoUs with companies from Germany, Finland, Taiwan, France, South Korea, Japan, China, USA, Australia, the United Kingdom and The The Netherlands on May 27 attracting Rs 15,128 Crores investments and facilitating 47,150 new jobs and eight more pacts on 20th July with eight firms attracting Rs 10,399 Crores investments and creating 13,507 jobs.
The MoUs were signed in the backdrop of Projects Today, an independent firm that tracks investment projects in the country.
‘Projects Today’ stated Tamil Nadu has emerged as the country’s top investment destination in the first quarter of this financial year, at a time when fresh investment announcements in India slumped to the lowest in five years amidst a period marred by the extended pandemic- induced lockdown.
An official release here said at a time when the world economy has taken quite a strong hit due to the COVID-19 pandemic and was slowly recovering from this critical situation, the State government, in a bid to upgrade the industrial development and to make Tamil Nadu the leading state in industry, has been taking various steps.
Recalling the recent steps were taken by the government, including the formation of ‘Special Committee to attract Investments’ headed by Chief Secretary K Shanmugam and the one headed by former RBI Governor Dr. C Rangarajan to revive the state’s economy post-COVID-019, the release said in the continuance of the efforts to take the State on the developmental path and thanks to the conducive industrial l climate, several new investment plans were being implemented in the State.
