CHENNAI: The first year of the AIADMK government headed by Chief Minister J Jayalalithaa saw huge inflow of investments from inland industrial houses as well as multinational companies thanks to the investor-friendly measures initiated by the CM. Further, the Industries Department is preparing a new industrial policy that will aim at balanced and sustainable growth and to achieve the goals set by the CM in her Vision 2023 document.
With an aim to achieve overall development, a Vision Document envisages Gross State Domestic Product (GSDP) at constant prices to grow at 11 per cent or more per annum in the next 10 years - about 20 per cent more than the expected growth rate of India’s Gross Domestic Product (GDP) over the same period.
Recently, five auto companies signed an MoU in the presence of the Chief Minister to bring in a total investment of `10,350 crore.
The CM has been emphasising the importance of growth of manufacturing sector in the State. Three industrial manufacturing zones with high class infrastructural facilities and a competitive environment to bring about industrial renaissance in the State was set up recently. The three zones would come up in 7,500 acres of land at Ottapidaram in Tuticorin District, Katrambakkam in Vellore District and Hosur in Krishnagiri district.
At a recent meeting with the Japanese delegation, the CM said the Japanese investors were increasingly looking at Tamil Nadu as an attractive investment destination and that Japanese companies have been evincing interest mainly in the manufacturing sector.
Pointing out that Tamil Nadu had been a leading State in India in this sector mainly because of the steadfast existence of the automobile and component industry, she said the auto sector accounted for about 60 per cent of Japanese foreign direct investment. In this connection, she reiterated her confidence that Chennai would emerge as the world’s largest auto cluster.
French automobile major PSA Peugeot has promised to set up its manufacturing unit near Sriperumbudur with an investment of Rs 4,000 crore to roll out three lakh cars per annum.
Two wheeler manufacturing company Eicher Motors Limited, (formerly Royal Enfield), will be extending its manufacturing facility at SIPCOT Industrial Park at Oragadam in 50 acres of land with an investment of `350 crore. The CM recently handed over the order for land allotment to Siddarth Lal, managing director and CEO of the company.