Tamil Nadu Cabinet Approves Rs 6,000 Crore Investment Proposals

The Tamil Nadu Cabinet, led by Chief Minister M K Stalin, has approved 10 industrial projects that will attract investments worth Rs 6,000 crore and potentially create 27,000 jobs.

According to a senior official who spoke to The Hindu, Godrej Consumer Products Limited plans to establish a new plant in Tamil Nadu. The clearance was also given to a project by UPS, a prominent global shipping and logistics company.

Additionally, Salcomp, a supplier of chargers to Apple phones, has announced an expansion of its facility. The French firm Schneider and Pfizer also received clearance for their respective projects.

Another high-ranking official told The Hindu that the approved projects consist of a mix of new ventures and expansions.

Among the 10 projects, two are focused on electric vehicles, three are in general manufacturing, and one is related to electronics hardware. There is also a project in the technical textile domain.

Additionally, a project was cleared under the Life Sciences Policy 2022 and two projects are Global Capability Centres under the Research and Development Policy.

In the previous year, the DMK government introduced the Life Sciences Policy 2022 and the Research & Development Policy 2022.

The primary objective of the R&D Policy is to double the expenditure on research and development from the government, higher education institutions, and private sectors by 2030.

The aim is to transform Tamil Nadu into a knowledge-based economy by 2030, driving excellence in manufacturing and services.

On the other hand, the Life Sciences Policy aims to attract Rs 20,000 crore in investments and generate 50,000 jobs, positioning the state as the preferred destination for researchers in biologics, biosimilars, and medical technology.