The Tamil Nadu (TN) government signed 60 Memorandums of Understanding (MoUs) at the Tamil Nadu Investors’ First Port of Call-Investment Conclave in order to attract a total investment of Rs. 1.25 lakh crore and create 74,898 jobs.
- According to state government data, the state has attracted investments worth Rs. 2.20 lakh crore(from 192 MoUs signed) during 2021.
Tamil Nadu Investors’ First Port of Call – Investment Conclave
With an investment of Rs. 65,373 crore, about 53 facilitation MoUs were signed, providing 58,478 individuals with employment opportunities.
- The companies that signed the MOUs include Amplus (Petronas)i; Cubic PV and L&T.
Additionally, 7 MoUs for projects with a total investment value of Rs. 59,871 crore and 74,898 jobs were signed. These projects have been approved with structured incentive packages.
- The firms include Lucas TVS, ACME Green Hydrogen and Tata Power.
Chief Minister (CM) MK Stalin unveiled 12 projects at the conclave that cost Rs. 1,497 crore and employ 7,050 people.
- Additionally, he laid the foundation for 21 companies that received investments totalling Rs. 22,252 crore and generated 17,654 jobs.
- He also launched the Tamil Nadu Life Sciences Promotion Policy 2022 and Tamil Nadu R&D Policy 2022.
TECXPERIENCE program
The CM introduced the TECXPERIENCE programme, a suite of technological services offered for free or at a discounted rate for a limited period, to promote FinTech adoption in the state.
- In order to connect startups in the state with venture capital firms and angel investors, he also launched the TN PitchFest event, which was organised by Guidance and StartUp TN.
Organisational MoUs were exchanged for 11 projects, including VakilSearch and Capital FinTech.
- Two firms – PrimeInvestor Financial Research and DigiMoney Finance got incentives under the FinTech policy.
Steps towards a USD 1 trillion economy
The State of TN has four main objectives: to reach a USD 1 trillion economy; to be the premier investment destination in South Asia; to market “Made in Tamil Nadu” goods internationally; and to draw investment to all districts for inclusive growth.
- Out of the 132 MoUs signed in 2021, 78 are under various stages of implementation, which is 60% conversion rate within a year.
Tatas To Set Up Tamil Nadu Solar Plant for Rs.3,000 Crore
The Indian power giant Tata Power and the Tamil Nadu government signed an MoU to invest around Rs 3,000 crores in a new 4GW (gigawatt) solar cell and 4GW solar module manufacturing plant in the District of Tirunelveli in Tamil Nadu.
- The MoU was signed at the Tamil Nadu Investors’ First Port of Call – Investment Conclave 2022.
The MoU was signed by Dr. Praveer Sinha, CEO & MD of Tata Power, and S. Krishnan, IAS, Additional Chief Secretary to the Government of Tamil Nadu, Industries Department.
Highlights:
i. Both parties committed to support the state’s transition to sustainable energy and employment.
ii.The facility will be built over a 16-month period, resulting in the development of over 2,000 job opportunities, with women making up the majority of the workforce.
iii. Tata Power is a pioneer in green technology investment and is committed to building state-of-the-art production plants in India.
- The company established its first solar manufacturing facility in India in 1991.
iv.Since then, there have been several improvements made to the facility, one of which being the installation of a Mono-PERC cell line in Bengaluru, Karnataka, in FY21 (Financial Year 2020–21).
TN Inks Agreement with German Bank to Buy New Buses
The Tamil Nadu Government has entered into an agreement with a German bank for buying new buses, for which a tender will be announced soon.
- Considering more admissions in government schools and colleges, Tamil Nadu Transport Minister S.S. Sivasankar has announced additional bus services.
Additional buses will be provided during the festive season and action will be taken against private buses and omnibuses that collect high fares.
About Tamil Nadu:
Governor – Ravindra Narayana Ravi
Dance – Ottan Koothu; Poikkal Kuthirai Aattam or Koothu; Kazhai Kothu
Primitive Tribes of TN – Toda, Kota, Kurumbas, Irulur, Paniyan and Kattunayakan
