GIM kicks off with vision report for $1-tn economy

Day One of the Tamil Nadu Global Investors Meet 2024 (TNGIM), on Sunday, witnessed a deluge of investments, with Tata Electronics, Vietnam-based multinational automobile giant VinFast, JSW Group, and TVS Group leading the charge.

The two-day event comes as the state aims to become a $1 trillion economy by 2030. The state government is looking to attract at least Rs 5 trillion worth of deals in the current round of the investors’ meet vis à vis Rs 3 trillion in 2019 (last edition) and Rs 2.42 trillion in 2015 (the first edition).

Among the top proposed investments, VinFast Auto plans to establish a Rs 16,000 crore unit in Thoothukudi, while Tata Electronics is set to invest around Rs 12,082 crore for a manufacturing and mobile phone assembly unit in Krishnagiri district, potentially creating 40,500 jobs.

“It rained in Chennai in the morning. Similarly, I believe that investment will also rain. Tamil Nadu is a state that gives importance to education. Tamil Nadu is the most industrialised state in the country. I hope the economy will rise further through this conference. Tamil Nadu has achieved the record of being the first state for investors in terms of leadership, sustainable development, and inclusive growth,” said Chief Minister M K Stalin.

While TVS Group announced a Rs 5,000 crore investment, JSW Group is eyeing a Rs 12,000 crore investment, potentially creating 6,600 jobs as part of its expansion in Thoothukudi and Tirunelveli districts.

First Solar, an American manufacturer of solar panels, will invest Rs 8,100 crore in Kancheepuram. Global automobile major Hyundai Group has also announced an investment of over Rs 6,000 crore for setting up an ICE, EV passenger car, and EV battery manufacturing unit there.