TN has strong performance in manufacturing & services: Industries Minister

FICCI president Sandip Somany addressing the gathering on 6 November in Chennai.

Chennai: “Tamilnadu is the second-largest economy in India with a strong performance in manufacturing and services. The state has a well-diversified industrial base in the country,” State Minister for Industries M C Sampath said, citing a survey done by a media house.
He was addressing a FICCI executive body meeting here in Chennai on 6 November.

Addressing the gathering, he assured that the Bangalore industrial corridor and Chennai- Kanyakumari industrial corridor will be completed by 2023. The Minister said, “Conscious development in the auto manufacturing ecosystem has yielded desired results to make Tamil Nadu the manufacturing hub of India, and a similar trend is emerging in the aerospace sector.”

FICCI president Sandip Somany, who was also present, conveyed the organisation’s support to Prime Minister Narendra Modi’s decision against joining RCEP. Sandip assured to work along with the government for overall upliftment of the State as India’s several concerns remain unaddressed and various issues are unresolved so far in the proposed deal under negotiation.

“For a country that has set a target of becoming a $5 trillion economy over the next few years, the importance of a robust financial sector and banking sector, in particular, cannot be over-emphasised,” said Sandip. “Only an efficient banking sector that enables financial intermediation can support high growth in the economy.” Indian Bank managing director and CEO Padmaja Chunduru and journalist Gurumurthy were present among other dignitaries.

NT Bureau