Tamil Nadu targets large-scale investments in manufacturing including in textile and footwear sectors
The state of Tamil Nadu aims to boost its manufacturing sector, including textiles and footwear manufacturing, through large scale investments to enable it to reach its growth targets for the 2031 financial year.
Tamil Nadu’s manufacturing sector has the target set to grow from $48.1 billion in the 2021 financial year to $250 billion in the 2031 financial year, Indo-Asian News Service reported. This will represent a jump from 18% of the gross state domestic product to 25%. As the textiles and footwear industries are sizeable in the state, this will amount to significant growth targets for these sectors.
The Tamil Nadu state government plans to attract around Rs 23 lakh crore of investments to its wider manufacturing sector and create employment opportunities for 46 lakh people. The state sees this as necessary for achieving its growth target, Tamil Nadu Minister for Industries Thangam Thennarasu said in a statement on April 18.
In the recent 2022 financial year, the state signed 130 Memorandums of Understanding with businesses and managed a cumulative investment of over Rs 68,375 crore. This created employment opportunities for over 2.05 lakh people. The state is currently streamlining its investments to its focus areas of manufacturing which, as well as footwear and textiles, also include furniture manufacturing, pharmaceuticals, and electric vehicle charging infrastructure among others.
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