CHENNAI: Tamil Nadu government is keen on generating high-value jobs and helping the state transition into a knowledge economy during the third edition of the Global Investors Meet scheduled next year rather than focussing on a number of investments, Industries Minister T R B Rajaa said.
“The focus will be on knowledge assimilation rather than on low-value job creation,” he told reporters at Tidel Park in Taramani. The Global Investors Meet will celebrate knowledge and listen to the best minds of the world. We are not going to focus mainly on investments during the third edition of GIM,” he said.
The state, during the first edition of GIM in September 2015, wooed over Rs 2.42 lakh crore while the second meet in January 2019 fetched investments worth Rs 3.004 lakh crore.
Stating that Tamil Nadu never competed with other states as it is way ahead in industrial growth, Rajaa said the focus is to compete globally. Tamil Nadu has never highlighted its achievements despite having vast talent and capability. “It is time the state took pride in its achievement,” he said.
Rajaa also highlighted his keenness to bring more investments to southern Tamil Nadu and said he is pushing for a large industrial giant to venture into the deep south. “Before GIM, there could be a lot of investments happening in southern Tamil Nadu,” he said, adding that in the delta, value addition will be given to farm products.
Highlighting investments by American multinational shipping and supply chain management company United Parcel Service’s Technology Centre in Chennai, Rajaa said another major investment in the Global Capability Centre is likely to be announced soon. The state is looking at investments that will provide high-paying jobs for Tamil students.
The state’s aim is to be numero uno in the production of green hydrogen but the hitch is that the state requires pump storage. The most significant challenge in achieving this transition to renewables is the need to maintain sufficient storage to address daily variations in solar and wind power. Solar power production is highest at midday when demand is lowest, while demand peaks at night when solar energy production is near zero. Grid instability due to demand and supply mismatches can result in load-shedding or blackouts. For Tamil Nadu, this implies a significant need for long-duration energy storage systems.