About twofold jump in investments seen by Tamil Nadu.
With the southern State observing the second highest investment outlay among all the States, the fresh investments into Tamil Nadu more than doubled to over ₹1,00,000 crore during the pandemic-hit 2020-21. Maharashtra, which got the maximum investments in 2019-20, remained on top in 2020-21 as well. Tamil Nadu jumped from the ninth position in 2019-20 to the second in 2020-21.
In 2018-19, Tamil Nadu was ranked 12th among all States with a 3.67% share of fresh investments into India worth ₹16.86 lakh crore. While overall investments in 2019-20 fell sharply to just ₹10.86 lakh crore, the State’s share had enhanced to 4.41% of the total investments in the country.
As the COVID-19 pandemic hit investments in the first half of the year subsequent to a provisional recovery in the second half, Project investments fell a further by 1.23% in 2020-21. Tamil Nadu’s share of the country’s investments, however, got more than doubled to 9.6%.
The State is said to have begun 2020-21 on a strong note, managing to gather a sixth of investments in the first quarter when private investments warped amidst the lockdown. The State government signed 17 pacts with private investors in May, strengthening its investment pipeline by ₹18,533 crore in Q1 across sectors. Over the second and third quarters, Tamil Nadu got fresh investments of nearly ₹61,000 crore, thereby giving it the second and third ranks among States respectively. Some of the key private investments were the ₹4,629 crore solar photovoltaic modules project by SunEdison Energy India, a ₹2,500 crore lithium-ion batteries project in Tiruvallur by Lucas-TVS and a ₹2,300 crore plant being set up by Daimler India Commercial Vehicles at Oragadam.