Factories are increasing, so are jobs; credit goes to TN's Dravidian model

The Dravidian model of governance in Tamil Nadu has improved the economy and is promoting equitable development in the State. The government has appointed world-renowned economists to improve the economy and reduced the revenue deficit. As a result, investment in the State is increasing, which has led to an increase in job opportunities as well.

In the last two years, the government has signed multiple MoUs to employ 3,89,651 people with investments worth Rs 2,70,020 crore. The State government is planning to hold a 'World Investors Conference' in January 2024 to promote the industry and has given employment orders to nearly 1 lakh people through employment camps held in private and government colleges.

The government has also adopted innovation in industrial policy, giving priority to women in non-leather shoe factories as an act of social justice. The State ranks first in the production of green electric vehicles, with the world's largest two-wheeler electric vehicle manufacturing plant set up in Tamil Nadu. The State has attracted investments, including Taiwan-based Pegatron, which has opened a factory in Tamil Nadu, creating jobs for 14,000 people.

Dravidian model in industry

Chief Minister M.K. Stalin's Dravidian model of government is celebrating two years with the slogan 'Double Happiness'. On the day he assumed office as Chief Minister, he declared that his government's goal was to raise the economy of Tamil Nadu to one trillion dollars. That 'one-trillion' word went viral across India.

But he didn't just say it as a political slogan. To materialise it, he immediately went to the UAE. He formed a committee of five economists to improve the battered economy. French American economist Esther Duflo is on this panel. She works as a professor at the Massachusetts Institute of Technology (MIT), US. She specialises in poverty alleviation and development economics. She is a Nobel Prize winner in Economics.

This is the first time that a State government in India has appointed such world-renowned geniuses. This is a miracle that Tamil Nadu has never seen before. Now, the Tamil Nadu government has handed over the work to Boston Consulting Group to prepare a road map to achieve this one-trillion dollar target by 2030.

In short, in the last two years, Finance Minister P.T.R. Palanivel Thiagarajan has been subtly arguing in his interviews how much the Union government is deceiving Tamil Nadu. His speech has become a topic of debate across the country.

Revenue deficit reduced

During this period, the Finance Minister has successfully reduced the revenue deficit of Tamil Nadu from around Rs 62,000 crore to around Rs 30,000 crore in the revised estimates for the current year. A revenue deficit occurs when a government's total revenue falls short of its total expenditure. By reducing the revenue deficit, the Tamil Nadu government is improving its financial position and making progress towards its goal of raising the State's economy to $1 trillion.

Earlier, on his first foreign visit as Chief Minister, Stalin signed five MoUs worth Rs 2,600 crore, which was perceived as a positive move by the industry. MoUs are agreements between two or more parties that outline the terms and conditions of a future business relationship. The signing of MoUs is usually seen as an indication of the intention to establish a business relationship, and it can signal confidence and trust between the parties involved. Therefore, Stalin's move is seen as a positive step towards attracting investments and promoting economic growth in Tamil Nadu.

During these two years of DMK rule, 221 MoUs have been signed with different companies and agencies to employ 3,89,651 people. Through these agreements, Tamil Nadu is going to receive investments worth Rs 2,70,020 crore.

World Investors' Conference in January 2024

One more good news story recently came out: Tamil Nadu is going to host the "World Investors' Conference'' in January 2024. Hosting such a conference can be a great way to attract foreign investment and promote economic growth in Tamil Nadu. With the government's commitment to spending Rs 100 crore on the event, it shows that they are serious about creating a business-friendly environment and promoting the State as an investment destination.

It is worth noting that even in the agreements made on behalf of the industry, more emphasis is placed on the equitable development of the State. Around 85 factories are located in backward districts of the State.

These sprawling projects are to be launched with an investment of around Rs 1,44,028 crore. As a result, the government plans to create employment for 2,14,478 people.

Apart from these, Tamil Nadu is the first choice of many investors. 'Angel Investment' is proof of that. Angel investment is a growing trend in India as a whole. Tamil Nadu is the first State to take steps to promote and support Angel investment, making it a leader in this area compared to other States in India. As of 2022, Tamil Nadu has the top position in India in terms of such investments.

TN ranks first in the production of e-vehicles

At this point, the whole world is moving towards non-petrol vehicles. The Tamil Nadu government has properly absorbed the change. The State ranks first in the production of green electric vehicles. It's a proud moment for the State that 46 per cent of the electric two-wheelers sold in India last year were manufactured in Tamil Nadu.

According to a statistic provided by the government, the world's largest two-wheeler electric vehicle manufacturing plant has been set up in Tamil Nadu.

The government of Tamil Nadu has adopted innovation even in industrial policy. Here again, the Dravidian model is working in the right direction for the State. The government is giving priority to women in non-leather shoe factories, and that is a positive action towards social justice.

5,400 women in the factory located in Tindivanam and 31,600 women in the factory located in Perambalur have been planned. The foundation stone for these factories was laid by the Chief Minister. Also, 32,000 women are expected to get employment through two factories to be set up in Ranippet and Kallakurichi.

3 industrial parks & employment camps

SIPCOT Industrial Parks in Virudhunagar, Vellore, Kallakurichi and Coimbatore are on the way. The estimated cost of these parks is Rs 410 crore, and that will generate employment for approximately 22,000 people.

Apart from these, this government has given employment orders to nearly 1 lakh people through employment camps held in private and government colleges in recent months. Before this, the investment made by Taiwan-based company Pegatron, which has been involved in the production of iPhones, opened its factory in Chennai.

The fact is that 14,000 people got jobs through this factory. The factory project has been started with an investment of around Rs 1,100 crore, and this initiative has to be an integral part of the Dravidian model regime.