Tamil Nadu is the State of opportunities for industries and Micro Small and Medium Enterprises (MSMEs), Ashutosh Choudhury, executive director of Indian Bank, has said. He was addressing industrialists at the BFSI conference 2024, organised by the Tamil Nadu State Council of the Indian Chamber of Commerce (ICC), with the theme ‘TN—Towards the 5th Industrial Revolution’.
Tamil Nadu is the second largest economy in the country, contributing a significant 8.8% of the national Gross Domestic Product (GDP), and it translates to 320 billion USD for 2022–23, he further said. Pointing out that the State government has been taking constant steps towards sustainability and human-centric development, Mr. Choudhury said that the State has also been attracting Foreign Direct Investment (FDI), as per its industrial policy of 2021.
M.S. Sundara Rajan, former chairman and managing director of Indian Bank — corporate independent director, said that Tamil Nadu has the highest number of factories and about 60% of the State was urbanised. “The State has covered all its districts under industrial corridor projects and has been working towards its objective of developing futurist industrial cities that can compete with the best industrial manufacturers in the world,” he added.
Tamil Nadu is the only Indian State that has been ranked as the most economically free State in India by the Economic Freedom Ranking for the States of India, he said, adding that the finance industry cannot be seen as an isolated case, and it has always been linked with global scenarios due to globalisation.
