Tamil Nadu Cabinet clears proposals for investments worth ₹6,000 crore

Tamil Nadu Cabinet clears proposals for investments worth ₹6,000 crore

The Tamil Nadu Cabinet, headed by Chief Minister M.K. Stalin, cleared 10 industrial projects, which will bring in ₹6,000 crore in investments. They have a potential to create 27,000 jobs.

A senior official The Hindu spoke to said one of the biggest projects is from Godrej. “Godrej Consumer Products Limited will set up a plant in Tamil Nadu. A project by UPS, a global shipping and logistics company, was also given the clearance. Salcomp, which supplies chargers to Apple phones, has announced expansion of its facility,” the official said. It is also learnt that a project by French firm Schneider and one by Pfizer were given clearance.

Another top official said, “We have got a mix of projects — some are new and some are expansion. Of the 10 projects, two are electric-vehicle projects, three are in general manufacturing, and one in electronics hardware. There is one project in the technical textile space.” A project was cleared under the Life Sciences Policy, 2022. “The other two are Global Capability Centres under the Research and Development Policy,” he added.

Last year, the DMK government unveiled the Life Sciences Policy, 2022, and the Research & Development Policy, 2022. The main goal of the R&D Policy is to double the R&D expenditure from the government, higher education and private sectors by 2030. And transform Tamil Nadu into a knowledge-based economy by 2030, driving manufacturing and services excellence. While the Life Sciences Policy was aimed at attracting ₹20,000 crore in investments and generate 50,000 jobs, transforming the State into the most preferred destination for researchers in biologics, biosimilars and medical technology.