GIM 2019 To Promote Aerospace, Defence Industrial Policy Of Tamil Nadu

The Global Investors Meet (GIM) 2019 will promote the aerospace and defence industrial policy of Tamil Nadu. This is the first significant event for Edappadi K. Palaniswami government.

The policy will be unveiled by Defence Minister Nirmala Sitharaman, the guest of honour for GIM 2019. A reference from the State government stated that teams (from Tamil Nadu) visited various countries and studied different models before composing the aerospace and defence policy. “Several stakeholders were involved in this process,” he continued.

The State government, at all recent forums and meetings with various chambers of commerce, has given clear signs to push the aerospace sector. “The upcoming aerospace park and development of aerospace policy would ensure a bright future for the State”, Chief Minister Edappadi K. Palaniswami told at the event.

According to data from presentations made by the State government, over 5,000 aerospace engineers would get work once this park is fully operational. The State announced the start-up and innovation policy with an aim to make Tamil Nadu a global innovation hub and the most preferred destination for start-ups by 2023.

The meet is crucial for the Tamil Nadu government, as it is facing tough competition from adjacent States, such as Andhra Pradesh and Telangana. GIM 2019 is assumed to see several big-ticket investments in the State.

At the first Cabinet meeting, the Tamil Nadu government gave its permission for investments proposals equaling over ₹16,000 crore. Investments worth ₹32,000 crore got the green flag at the second meeting.

At the third Cabinet meeting, investments worth over ₹15,000 crore were cleared. An executive from the State government said the GIM would be far ahead than the meet in 2015, which brought over ₹2.42 lakh crore. He stated that firms Foxconn, CPCL Refinery, Hyundai and Saint Gobain would be inking deals during the two-day meet.

A glance at the macro-economic profile of the State shows that Tamil Nadu in the 2017-18 fiscal year drew FDI of ₹22,354 crore, up from ₹14,830 crore in the same period last year.

Till November 2018, Tamil Nadu got investment proposals worth ₹10,105 crore over 83 proposals.

More News at EurAsian Times