Tamil Nadu Finance Secretary T. Udhayachandran said on Thursday that every city in Tamil Nadu would have to feed millions in the future and with unique profile each city needs to re-invent itself and sustain growth.
People from rural areas are seeking employment in urban cities. Urban housing is a major challenge not only for Tamil Nadu but across States and it needs to be addressed, he said in his Chief Guest Address at the Conference on “Tamil Nadu – The State of the Future”, organised by the Confederation of Indian Industry (CII) Tamil Nadu.
We are very conscious that the State’s economy is not a one-sector economy. The State has a blend of both manufacturing and IT sector and a large number of Micro, Small and Medium Enterprises, besides Start-ups, he said.
Mr. Udhayachandran said Erode is doing really well with its export link, while Tiruppur, the textile hub, has slowed down due to the crisis in Europe. The heavy engineering industry in Tiruchi is also down.
Likewise, Salem, Namakkal, Tiruchengode, Virudhunagar, Rajapalayam have unique profiles, he said.
Each city has to re-invent itself and look at sustaining the growth and all stakeholders have to come together, Mr. Udhayachandran said.
He said human capital and mineral resources in addition to the long coastline are the key strengths of the State.
We need a large talent pool with a focus on skilling, reskilling, and upskilling the existing workforce, Mr. Udhayachandran said.
Sunrise sectors such as green and renewable energy are the key, right from green hydrogen to electric vehicles we are at the top. Tamil Nadu has successfully transitioned to being a top EV player in the country, he said.
Mr. Udhayachandran said after the state signed major memoranda of understanding with Tata Motors for an investment of ₹9,000 crore, one more major investment has been lined up. However, he did not disclose further details.
He also said the State is also keen on public private partnership for key projects.
“It is very important that we start nurturing innovation and entrepreneurship if Tamil Nadu has to achieve the target of being a $1 trillion economy by 2030,” V Kamakoti, Director, Indian Institute of Technology Madras, said in his keynote address.
Mr Udhayachandran, released the Tamil Nadu@100 Vision Document along with other dignitaries on stage.
Tamil Nadu’s path towards Vision 2047 is to achieve the ambitious target of reaching a $4.21 trillion economy by 2047, which would make it number State in terms of Gross State Domestic product, as per the document.
Sectoral initiatives to become global leaders in manufacturing, electric vehicles, sustainable agriculture, renewable energy, Start-up and R&D ecosystem, AI and data driven governance at government and industries, among other measures are the key drivers to increase the momentum of growth at 11.5% per annum, it said.
