According to recent reports, the Tamil Nadu Cabinet, under the leadership of Chief Minister M K Stalin, has given the green light to ten industrial projects, projecting an impressive investment sum of Rs 6,000 crore. These projects have the potential to create a significant employment opportunity, estimated to reach around 27,000 jobs.

One of the noteworthy ventures includes Godrej Consumer Products Limited, which intends to establish a new plant in Tamil Nadu. Additionally, approval has been granted to a project by UPS, a renowned global shipping and logistics company. The Electric Vehicle (EV) sector has also attracted substantial interest, with investments expected in the Hosur-Dharmapuri-Krishnagiri (HDK) region and near Chennai. This region has emerged as a key hub for the EV industry, with major players like Ola, Ather, and TVS Motor Company establishing their presence there.

The ten proposals approved by the Cabinet span various sectors, with two focused on the EV industry, three in general manufacturing, two in research and development (R&D) centres as part of the policy, two in textiles, and one in electronics. Details regarding specific investment projects have been kept confidential to respect the sensitivity of the investors.

Among the approved projects, prominent names like Salcomp, Schneider, and United Parcel Service (UPS) are planning investments or expansion in the state. FMCG major Godrej Consumer Products Limited (GCPL) has also received clearance for its proposal to set up a plant in Chennai with an investment of Rs 300 crores. Notably, Salcomp, a key supplier to Apple for chargers, operates multiple manufacturing units in the Nokia Telecom Special Economic Zone (SEZ) near Chennai.

The timing of these investments is notable, as they precede the state's third edition of the Global Investors Meet (GIM) scheduled for January 2024. Moreover, a few days prior to the Cabinet's decision, a high-level delegation from Foxconn Industrial Internet (FII) met with Chief Minister M K Stalin, expressing their commitment to making further investments in Tamil Nadu. Foxconn already has a significant presence in the state, with its Sriperumbudur facility assembling high-end Apple iPhones.

The Tamil Nadu government has shown strong optimism for the EV sector, having released an exclusive policy in 2019 and subsequently upgrading it in 2023. The state aims to attract over 34 percent of total planned investments in the EV sector, attracting not only EV firms but also battery manufacturers like BYD, Grinntech, Lucas-TVS, and Li Energy.

Furthermore, Tamil Nadu already boasts a thriving electronics industry, hosting major manufacturers such as Nokia, Samsung, Flex, Dell, Motorola, Salcomp, HP, and Foxconn. The state envisions the electronics sector to be on par with other dominant industries like automobiles, apparel, and footwear in the country's exports.

Image source: Swarajya