The Tamil Nadu Vision $1-Trillion report, released by Chief Minister M.K. Stalin at the inaugural function of the Global Investors Meet 2024 in Chennai on Sunday, listed a slew of measures for achieving the goal by 2030. The State needs to attract $3.8 trillion to $4.3 trillion in investments from the public as well as private sector to accelerate growth.
To achieve the goal, a comprehensive ‘growth framework’ has been designed to act as a blueprint. The road map and the action plan are meticulously drawn up to cover pivotal sectors. The government had selected Boston Consulting Group to “develop an overall strategy and road map”.
Robust infrastructure
The strategy also lays out the road map for building robust infrastructure, skilled human capital, and a thriving innovation ecosystem to serve as catalysts, propelling Tamil Nadu swiftly towards its goal. Tamil Nadu should become the go-to destination for foreign direct investment, and facilitate local investment for expansion and growth, the report said.
The State should add 60 lakh women to the workforce by upskilling and reskilling them. It also needs to skill 1 crore people participating in the economy and transition them to high-value jobs, the report said.
The report also highlighted big bets and imperatives. There is significant potential to further strengthen the agriculture output by enhancing value through post-harvest processing; expanding exports to tap into global markets; optimising the use of fallow land; diversifying into high realisation crops based on market needs; increasing cropping intensity; improving yield by promoting mechanisation; and encouraging agri-prenuership.
Further, the report called for investing in irrigation infrastructure and technologies, and conducting programmes to promote recharge of groundwater and sustainable farming, it said.
Milk exports
As for dairy, poultry and animal husbandry, the report said Tamil Nadu could now shift its focus to high-value addition opportunities and exports in milk and eggs. To recognise its full potential, the State must adopt a cluster approach to boost market reach, incentivise high-yield breeds, and ensure consistent fodder supply, it said.
To bolster the fisheries sector, a renewed focus on aquaculture is critical. This can be achieved by fostering innovation, building reliable input value chains, and amplifying focus on exports. Promoting deep-sea fishing, value-added processing, seaweeds and ornamental fish farming can drive up this sector, the report said.
As Tamil Nadu looks ahead, it can build on its current strengths to attract critical investments across the electric vehicle value chain, to kick-start a virtuous cycle of investments to further strengthen the ecosystem, the report said.
It can grow stronger in the traditional pools segment by capitalising on the supply chain shifts due to the geopolitical scenario. Additionally, Tamil Nadu should look to position itself as the go-to destination for other mobility manufacturing: aerospace, railways, ships, and defence, it said.
