CHENNAI: The last few years have seen Tamil Nadu record a steady increase in foreign direct investment, said Industries Secretary C V Sankar, so much so that the FDI recorded over the last four years is nearly double the cumulative FDI between 2000 and 2011.
Speaking at the Tamil Nadu Global Investment Meet Financial Conclave here on Tuesday, Sankar said that FDI inflow into the State in the last four years has been nearly $12 billion as against $6.8 billion between 2000 and 2011. The last year has also seen a 70% rise in FDI, from $2.1 billion in 2013-14 to $3.8 billion in 2014-15.
This figure will be enhanced even further, said Sankar, with the successful completion of the GIM, because the TN government is well set to comfortably exceed the Rs 1 lakh crore investment target it has set for the GIM. The Financial Conclave held on Tuesday was in itself a precursor event to the two-day international event set to happen on September 9 and 10.
The primary focus of Tuesday’s conclave, titled Tamil Nadu Financial Conclave - Investment Destination - Opportunities in Finance Sector, was soliciting expansion in the already strong financial realm in the state. Co-organised by industry body FICCI, the event saw the participation of several major banking and financial institutions in the state, most of whom pledged their support to the government’s endeavour.
R Koteeswaran, MD and CEO of Indian Overseas Bank and the Chairman of the State Level Banking Committee was unequivocal in listing out the strengths of the state’s banking sector and placing that strength firmly behind the GIM.
“This state has one of the most vibrant and strong banking communities in the country and we ensure the support of all banks present in the state,” he said.
The conclave also saw the attendance of J Sadakkadulla, Regional Director (Tamil Nadu & Union Territory of Puducherry), Reserve Bank of India, who pointed out that Tamil Nadu had surpassed all States in terms of credit flows and P Murari IAS (Retd.), Adviser to FICCI President and former Secretary to President of India.