When T.Y. Chang, the head of Taiwan footwear major Hong Fu, was in Chennai last week, a meeting with Chief Minister M.K. Stalin was not on the cards. However, after the State government realised, following an initial discussion, that the company was interested in doing business, officials wasted no time and an MoU was signed within hours in the presence of Mr. Stalin that evening.
The subtle message from this quick action is that Tamil Nadu is serious in wooing investment, more so to realise the Chief Minister’s ambitious target of making the State a $1-trillion economy by 2030. In two months, a consultant will be in place to draw a road map for attaining the target.
Finance Minister Palanivel Thiaga Rajan points out it requires 13%-13.5% of nominal growth to achieve this goal. “In the first year we have got 14.5%. We have had a good start. For the second and third year, we have projected 14%. What matters a lot is what happens in the first few years,” he says.
