CHENNAI: Unveiling Tamil Nadu’s export promotion strategy on Wednesday, chief minister M K Stalin reiterated his government’s resolve to make the state a $1 trillion economy by 2030, from around $265 billion now. Stalin also set a target of $100 billion in exports by 2030 from the present $26 billion.
“We literally need to quadruple growth on all fronts to achieve the $1 trillion target. The state needs to grow at around 14% y-o-y to make it a reality,” a senior state government official said.
Besides the thrust on exports for which a state export promotion committee will soon be formed, TN is focusing on emerging sectors as well as core strengths. “Services sector will be a major focus area. Everything connected with FinTech (financial technology), including a FinTech policy and a FinTech city, will receive our focus. On the IT and ITeS front, we will push it in a much bigger way in Tier 2 & Tier 3 as well as rural areas,” the official said.
Emerging sectors such as aerospace and defence, e-vehicles, electronic manufacturing and petrochemicals, and traditional sectors such as textiles and leather will get a thrust. Non-leather footwear is another emerging area for the state.
“The MoU we signed with Mohib group, which has tied up with a Taiwanese group, alone will generate employment for 23,000 people, mostly women, with an investment of just Rs 225 crore. Women employment will get a boost through textiles and footwear sectors. We have to do a lot more on the training front, besides polytechnics and ITIs,” the official added.
MSMEs contribute about 30% of the country’s GDP, and could do the same, if not more, in the state. “MSMEs can grow better only through cluster approach. We have recently announced five mega industrial clusters for MSMEs in select sectors such as aerospace & defence, pharmaceutical, petrochemical, precision manufacturing and e-vehicle manufacturing. Each cluster will be developed with an investment of Rs 100 crore and will surely emerge as growth centres in a few years,” state MSME secretary Arun Roy said.
