Tamil Nadu Cabinet Approves Rs 44,125 Crore Investments to Boost Job Creation
The Tamil Nadu Cabinet has approved 15 investment proposals worth Rs 44,125 crore, aiming to create over 24,700 jobs. The initiatives cover diverse sectors, including electronics, food processing, and battery manufacturing. Additionally, three renewable energy policies were sanctioned, aligning with the state's 2030 power generation goals.
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The Tamil Nadu Cabinet on Tuesday announced the approval of 15 significant investment proposals valued at Rs 44,125 crore. These investments are projected to generate over 24,700 jobs in the state.
The 16th cabinet meeting, presided over by Chief Minister M K Stalin, also approved three renewable energy policies. This move aligns with Tamil Nadu's target of achieving 20,000 MW power generation by 2030, according to Finance Minister Thangam Thennarasu.
Thennarasu revealed that the Chief Minister would inaugurate a pioneering industrial housing facility for 18,720 Foxconn employees on August 17, built at a cost of Rs 706.5 crore in SIPCOT Vallam Vadagal industrial estate, Kancheepuram. The cabinet's approvals span various sectors, including electronics, food processing, motor vehicles, and battery manufacturing. Additionally, a pump storage policy, a small hydel policy, and a wind repowering and life extension policy for the energy department were sanctioned.
Notably, a Rs 21,340 crore investment by lithium-ion battery supplier Semcorp in Thoothukudi to create 1,114 jobs and a Rs 2,500 crore investment by automotive lighting manufacturer Motherson Electronics in Kanchipuram to create 2,500 jobs have been approved. Dairy products maker Milky Mist and global battery recycling company LOHUM will also set up units in the state. Moreover, pharmaceutical major AstraZeneca and shipping giant UPS received approval for their global capability centers.
Industries Minister TRB Rajaa highlighted the expansion into new sectors, indicating a forthcoming surge in the electronics industry across Tamil Nadu.
(With inputs from agencies.)
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