CHENNAI: Taking pride in the GSDP growth of Tamil Nadu which reached Rs 31.19 lakh crore during 2024-25 from Rs 26.88 lakh crore in the previous year, thus registering a growth of 16%, Finance Minister Thangam Thennarasu on Wednesday said the manufacturing sector made a significant contribution to this growth. Over the past four years, the growth in TN’s Gross State Domestic Product attributable to the manufacturing sector has doubled.
“When compared with Maharashtra, which is also considered a developed manufacturing state and has recorded manufacturing growth of Rs 0.71 lakh crore, Tamil Nadu has achieved far greater progress in the manufacturing sector.
The reason is that TN currently has more than 40,000 industrial units, employing approximately 27.7 lakh people. In this growth, the construction sector has played a major role, contributing 15.93% in 2023-24 and 11% in 2024-25,” the minister told reporters at the state secretariat.
Similarly, the services sector has contributed 53% to TN’s overall growth, with real growth in the sector standing at 11.3% in 2024-25. Pointing out that if TN is to achieve a one-trillion-dollar economy, the state must witness major progress in exports, the minister said.
Due to the visits of Chief Minister M K Stalin to foreign countries and through investor meets, investments amounting to Rs 11,40,731 crore have been secured through 1,016 MoUs. Through these initiatives, employment opportunities – both direct and indirect – have been created for approximately 34,08,522 youth, he added.
Thennarasu also noted that data from the union government’s financial institutions show that TN electronic goods exports rose from USD 1.86 billion in 2021-22 to USD 5.37 billion in 2022-23, USD 9.56 billion in 2023-24, and USD 14.65 billion in 2024-25. Thus, electronic exports have increased nearly seven-fold over three years — an increase of around 700%.
The minister said while recording a strong growth in electronic goods exports, Tamil Nadu has prioritised social development through major welfare schemes, including support for women, students and youth. The state has also emerged as a leader in higher education, with a Gross Enrolment Ratio of 47%, far above the national average of 28.4%.