A strong foundation and inclusive growth have helped Tamil Nadu survive the pandemic and stay on its growth path
Metro Rail passes through Kathipara, Chennai; (Photo: Jason G)
Inclusive development and education have been a priority of successive Tamil Nadu governments for a long time. So it should come as no surprise that Tamil Nadu ranks third along with Himachal Pradesh on the Sustainable Development Goals dashboard. The state’s health stood it in good stead during the pandemic—Tamil Nadu was one of the few states that did not register negative growth during the period.
With a gross state domestic product of $290 billion or Rs 21.6 lakh crore, Tamil Nadu is the second largest economy in India. Chief Minister MK Stalin’s dream now is to make it a trillion dollar economy.
In pursuit of that goal, the state has established an Economic Advisory Council with world-renowned economists on board. The state plans to identify specific sectors, analyze their potential for growth and strengthen them to withstand any economic shock. The state has signed MoUs for 49 potential projects with an investment of Rs 28,508 crore and potential to generate employment for 83,000 people.
To help farmers, the state is implementing various water conservation initiatives with community participation, especially in rivers and other water bodies being lost due to encroachment or other reasons.
There are challenges too. State Finance Minister P. Thiagarajan can’t stop stressing how 20.7 million households are saddled with an average debt of Rs 2.6 lakh. The state is keen to set up its own payments bank to help in efficient management of funds while implementing welfare schemes. As CM Stalin says, “Growth and economic growth is about ensuring that the oppressed and marginalized benefit from efforts to achieve development. The Dravidian philosophy is based on that inclusive social justice model.”