Tamil Nadu government has recently approved over 34 investment proposals worth INR 52,258 crore. Tata Electronics and Apple Inc.’s contract manufacturer- Pegatron Corp. have also obtained their due approvals to invest in the South Indian state.
The proposals were cleared in the state cabinet meeting which was chaired by Chief Minister Edappadi K Palaniswami on Friday. The cabinet meeting revealed that the acceptance of these 34 investment proposals have the potential to create over 93,935 jobs in Tamil Nadu which will eventually boost the country’s economy in the long run.
In the chairmanship of CM Palaniswami, the state cabinet has also approved the Government’s new Industrial Policy for Financial Year 2021. Two of the major investments include INR 1,100 crore infusion by Pegatron Corp. and INR 5,763 crore investment by Tata Electronics.
Moreover, the state cabinet announced in the meeting that these enormous amounts of employment opportunities will open in diverse sectors such as Electric vehicles, Auto Mobile sector, Electronics, Solar Cell and Manufacturing.
As mentioned in a report by Economic Times, Tata Electronics will potentially create over 18,250 jobs in the Krishnagiri district with its INR 5,763 crore investment for manufacturing mobile phone components.
On the other hand, iPhone maker’s contract manufacturer, Pegatron Corp. is all set to invest INR 1,100 crore in Phase 1 of the iPhone manufacturing unit in Chengelpet district which is most likely to create somewhere over 14,079 jobs.
The COVID-19 pandemic has been a terror for economies around the globe including India. Micro, Small and Medium Enterprises were the most affected by this drought of business opportunities. With this loss of business and jobs in the country, the Indian economy has taken a hard hit. But, the good news is that digital-first businesses took a huge leap in the market and many of them have even become unicorns in a very small time.
However, post-COVID-19 situation is getting better with each day as India has become an investment hub. The Indian market shows promising potential to global investors and as a result, huge phone manufacturers are ready to establish their operations in the country including Apple Inc.
Other investments that have been approved by the Tamil Nadu government include Luxshare that is investing INR 745 crore, Sun Edison investing INR 4,629 crore, Ola Electric investing INR 2,354 crore, German-based Eickhoff Wind Limited investing INR 621 crore, BASF of Germany investing INR 345 crore, Lucas TVS investing INR 2,500 crore, Daicel Corporation investing INR 358 crore. Other investors include US-based AutolivInc that will invest INR 100 crore and Data Patterns that will invest INR 303.52 crore in the Tamil Nadu State.