CHENNAI, 6th November 2019: Thiru. M.C. Sampath, Minister for Industries, Steel Control, and Special Initiatives, Government of Tamil Nadu, today said that conscious development in the auto manufacturing ecosystem has yielded desired results to make Tamil Nadu the manufacturing hub of India, and a similar trend is emerging in the aerospace sector.
“The Tamil Nadu government is committed to supporting the aerospace sector through specific plans and policies and creating an integrated ecosystem for the growth of the aerospace sector,” he said while addressing the National Executive Committee Meeting (NECM) of the Federation of Indian Chambers of Commerce and Industry (FICCI) in Chennai.
Mentioning the successes in auto and electronics sectors, the minister also said that petrochemicals are another area of focus for the state.
Elaborating on the steps that will take the state to the next level of industrial development, Thiru. Sampath said, “Our SIPCOT has 21 industrial parks with all infrastructural facilities which will provide industrial plots to industries in need. New industrial parks are also under development at Manalur near Chennai, and Tindivanam and Manapparai near Trichy”.
“Further, the Chennai-Bengaluru Industrial Corridor and Chennai-Kanniyakumari Industrial Corridor projects will also commence soon. These projects will improve the state’s economy as a whole,” he added. Pointing out that Tamil Nadu is a leading destination for foreign direct investment in the country, Thiru. Sampath said that the efforts to attract more investments into the state will continue, especially in facilitating the relocation of the industry to the state.
FICCI President Mr. Sandip Somany, in his welcome address, said, “Investment promotion requires continuous efforts and FICCI with its membership base, strong networking, intellectual capabilities and the experience of doing similar investment promotion activities for various states, could add a lot of value to this exercise. FICCI would be happy to work shoulder to shoulder with the state government in these endeavours to take the development process of Tamil Nadu to the next level.”
Ms. V. Kavitha Dutt, Chairperson, FICCI Tamil Nadu State Council, delivered a vote of thanks to conclude the session.
In the following session at the FICCI NECM, Ms. Padmaja Chunduru, Managing Director and CEO, Indian Bank, stressed that collaboration with different stakeholders is critical to the banking sector and Indian Bank is specially focussed on this aspect.
She added that MSMEs are very important for the country and Indian Bank wants to involve them in a broader way. Ms. Chunduru appreciated FICCI’s efforts to engage various stakeholders through regular interactions and promised to take part in future deliberations also.
FICCI President Mr. Somany, addressing the session, said, “For a country that has set a target of becoming a US$ 5 trillion economy over the next few years, the importance of a robust financial sector, and banking sector, in particular, cannot be over-emphasised. Only an efficient banking sector that enables financial intermediation can support high growth in the economy.”
Ms. Dutt in her vote of thanks complimented Ms. Chunduru for the changes in Indian Bank under her leadership.
At the panel discussion on New ways of doing business, Mr.Venky Rajagopal, CMD Indian Terrain Fashions Ltd, said that the future of Business is driven by artificial intelligence and other computer oriented norms as the modern day retail sale mostly depends on new and emerging technologies at the global level. He also cited the ways how Amazon and others are disrupting the way we do our business.
Mr.N K Ranganath, MD, Grundfos Pumps India P Ltd, said that today’s business environment is very challenging as one has to meet the competitive nature of quick decision making and quality control. He also noted that the physical world is meeting the virtual world and both are impacting the business surrounded by all types of gadgets coming out in the modern world.
Shri S Gurumurthy, Economic Expert & Eminent Journalist, deplored that there is no India- centric thinking making the country for the current economic low down. He also said that India needs a proper think tank for economic development and a prudential norm fixation regulator for sustained progress.
He further said that in the name of discipline, the country has inherited crisis after crisis since the RBI is made to listen to the government in one way or the other. He noted there is no uniform development policy for any country and India can follow a policy of its own based on its veritable culture and ground situation.