To reach a $1 trillion economy by 2030–31, Tamil Nadu should concentrate on three critical areas: “Made in TN,” “Brand TN,” and “Led by TN,” according to a knowledge paper published by Deloitte on behalf of the FICCI.
The paper, which was presented here on Saturday by CM M K Stalin, advised the state to enhance and diversify its manufacturing base, concentrate on tourism, and diversify its exports for branding purposes. This would enable the state to become a leader in cutting-edge technologies and environmentally friendly practises.
“We have selected three strategic emphasis areas where Tamil Nadu may effectively increase its economy by leveraging its current strengths and competitive advantages. These crucial areas are probably going to have the biggest effects on driving the economy towards the trillion-dollar threshold,” the a report stated.
According to Deloitte, Tamil Nadu has a strong manufacturing sector. However, there is still a lot of room for the state to advance in the manufacturing value chain. This is especially true for industries that may significantly increase their value addition, such as the e-vehicle, agri-allied food processing, technical textiles, chemicals, non-metallic minerals, electronics, and semi-conductor industries.
The main goal of Brand TN should be to firmly integrate the state as a component of the international economy, trade, and culture by incorporating elements like exports and tourism. Tamil Nadu is in a good position to become India’s economic powerhouse due to its strategic location along the country’s eastern coast and proximity to major trading centres like Singapore. centre for exports and world trade. The state may become a significant worldwide tourist destination by utilising its incredible natural beauty and rich cultural past to draw visitors from around the world, according to the research.
Tamil Nadu should also strive to be the innovation and leader in developing technologies in India. The state would be able to draw investments from expanding industries as a result, giving it an advantage over other economies, the paper stated.
According to the survey, Tamil Nadu is among the top locations for R&D activities and has a solid base of highly qualified individuals from prestigious universities, which may be the key to helping the state move up the value chain. The government might expand on its current initiatives to strengthen Tennessee’s status as a leader in R&D globally.
There is little question that Tamil Nadu would successfully reach its goals of being a $1 trillion economy by FY2031, provided that the initiatives are implemented on time and are monitored.
