Tamil Nadu wants the centre to step on the gas, especially for their Chennai-Bengaluru and Chennai-Kanyakumari corridor projects. This move is done with the expectation of creating a spike in the manufacturing activities of the state. The deputy chief minister O Panneerselvam has requested the union commerce and industry minister, Suresh Prabhu for speedy approvals and clearances. The state government is also looking to set up an aerospace centre in Sriperumbudur. This facility will be spread over 250 acres.
The chief minister also speaks about the establishment of defense production corridors. The advantage of the same is to leverage the existing public sector manufacturers and create a tandem riding relationship in the private sector, which in turn results in creating new opportunities and increase the production capacities thereby spiking the engineering and manufacturing structure of the state. He also said that JICA and Asian Development Bank are ready to invest and act as partners until the trunk phase of the project.
The chief minister further added to his statement by quoting the fact that Tamil Nadu possesses some great level of modern amenities and infrastructure with state of the art technologies in each of them. He quotes “The biggest strength of Tamil Nadu is the availability of high quality and disciplined human resources”. To support the statement, we can look at the GDP of Tamil Nadu. From 2005 to 2017, there is a compounded annual growth rate of 11.16%.This led the state to clock around USD 207.79 Billion in 2016-2017 fiscal year. The state is also planning to invest USD 1.55 billion in developing a strategic entrepreneurship and innovation program to further fuel the manufacturing abilities between 2017 and 2021. Tamil Nadu is positioned at number three in terms of FDI flow with the cumulative flow between 2000 to 2017 standing at USD 25.92 billion.