TN exceeds 2 lakh crore investment target: CM Palaniswami

CHENNAI: The second edition of the Global Investors Meet was off to a grand start on Wednesday with Chief Minister Edappadi K Palaniswami announcing that his government had surpassed the `2 lakh crore investment target set ahead of the event. The final figures, however, will be disclosed after the event ends on Thursday. 

The government released the much-awaited aerospace and defence industrial policy, through which it’s hoping to attract a mammoth $10 billion investment in the State over the next 5-10 years. It is also hoping to rope in industry experts to upskill students enrolled in technical institutions across Tamil Nadu. 

“Now, of the Fortune 500 companies, 62 have presence in Tamil Nadu. The actual FDI inflow into the State between April 2000 and June 2018 was $27,953 million. Of this, more than 75 per cent came over the last seven years, since April 2011,” the CM said.

The defence industrial policy document was released by Defence Minister Nirmala Sitharaman. “The Centre has come up with very good sustainable policies besides reaching out to every household and every production unit,” the Defence Minister said, pointing out that the ease of doing business index of India has improved. 

About 35 companies based in Tamil Nadu have signed ‘Transfer of Technology’ agreements with the DRDO. This includes MRF, which produces Aero-muscle tyres for Sukhoi fighter jets of Indian Air Force, and Lakshmi Machine Works, which manufactures aerospace components.

Several industry majors made big ticket announcements. US-based auto major Ford has invested around 1,300 crore in developing a new global technology and business centre in Chennai, while Korean car maker Hyundai will pump in `7,000 crore to expand its facility. Adani Ports has disclosed plans to invest around `12,000 crore in Tamil Nadu across sectors.