COIMBATORE: In order to create employment opportunities, Chief Minister MK Stalin on Tuesday gave a big push to industrial growth in the State. During an investment conclave held in Coimbatore, presided over by the CM, memorandums of understanding (MoUs) for 59 projects with a cumulative investment of Rs 35,208 crore were signed. Once operational, these projects are likely to create employment opportunities for 76,795 people.
Attending the investment conclave at Codissia Trade Center in Coimbatore, the CM also laid the foundation stone for 13 projects with an investment commitment of Rs 13,413 crore and an employment potential for about 11,681 people. He also inaugurated 10 projects with a cumulative investment of Rs 13,928 crore, which would provide employment for 3,944 people.
In a bid to transform Tamil Nadu into a leading global destination for FinTech firms by 2025, the CM unveiled a FinTech Policy, which would focus on increasing financial inclusion and FinTech adoption rate by promoting digital solutions for the traditional financial sector.
The new policy stresses on industry-academia linkages to create a FinTech knowledge ecosystem comprising universities, research institutions, design innovation labs, and FinTech firms. It calls for developing seamless and transparent Business-to-Business (B2B), Business-to-Consumer (B2C), Government-to-Government (G2G), Government-to-Business (G2B), and Government-to-Citizen (G2C) financial transactions efficiently.
With an aim to ensure regionally balanced development across TN, the policy will offer incentives to firms starting operations in tier-2 and tier-3 cities. The policy also proposes setting up of neo-TIDEL parks in these cities, which would be developed by TIDCO.
‘Investments made in 22 districts’
“Th ese parks spanning 5-10 acres shall be located in prime locations with excellent last mile connectivity. The Neo-TI DEL parks will have dedicated labs for FinTech. The facilities shall have failsafe power and communication infrastructure with backup arrangements,” the policy states. S peaking at the event, Stalin said the government’s proposed industrial park to develop the aerospace industry will be created at Sulur.
“As all of us had pointed, the government has done five years of achievement within five to six months. Since returning to power, the government has been placing many challenges such as Corona and floods. With effective preparatory works, the government has reached a victory somewhat. Despite challenges, we have attracted enormous investment in the last six months,” he said.
It was the third investors’ meet, with the first two having held in July and September in Chennai. “Investor meets have been conducted once in two months. If we travel in this speed, there is no doubt we will have the first place in industrial growth in the country. As on IPRS (Industrial Park Rating System), TN has been rated for the first place. It is a proud moment for us,” he said, adding TN’s economy reaching one trillion US dollars is not far away.
Also listing the investment made upon the conclave, he added, “We have made the investment at 22 districts. Following the initiative, an employment opportunity has been created for youths at their places,” said Stalin. E xplaining the industrial features in Coimbatore, he asked the industrialist to focus on aerospace and defence sectors. He said the government has made a plan to augment up to $10 million in the sectors by 10 years. Pointing to the competitiveness in the textile industry, he demanded the industrialists to produce quality materials to compete with other countries.
‘At this pace, TN will rank first in industrial growth’
During the conclave, Stalin said: “Investor meets have been conducted once in two months. If we travel at this speed, there is no doubt we will have the first place in industrial growth in the country. As on IPRS (Industrial Park Rating System), Tamil Nadu has been ranked first. It is a proud moment for us.” He added that the State’s economy is not far from reaching one trillion US dollars
59 Projects for which MoUs were signed at the conclave
Rs 35,208 cr The cumulative investment that the projects would bring in
76,795 People expected to get employed
$10 million For aerospace and defence sectors in next 10 years