Tamil Nadu, a state in India, has set an ambitious goal to become a $1 trillion economy by 2030. In order to achieve this, the state government has announced the Semiconductor and Advanced Electronics Policy 2024, which aims to attract investments in the state.
Leading economists, Raghuram Rajan and Arvind Subramanian, have stated that in order for Tamil Nadu to reach its trillion-dollar economy target, the state needs to focus on attracting high-skilled manufacturing in allied services as well as low-skilled manufacturing that generates a significant number of jobs.
In recent developments, several major businesses have shown interest in investing in Tamil Nadu. Ola Electric, for example, plans to open a new EV hub in the state’s Krishnagiri district, which is expected to employ 25,000 people when fully operational. Mukesh Ambani, Chairman and Managing Director of Reliance Industries, has announced plans to open a data centre in Chennai in partnership with Canada’s Brookfield and US-based Digital Reality.
Tamil Nadu has also signed investment pacts with Apple suppliers Tata Electronics and Pegatron, as well as auto major Hyundai Motors, totaling more than $4.39 billion. Additionally, Qualcomm will be expanding in Chennai with a new design centre, which will lead to the creation of up to 1,600 skilled professional jobs.
Interestingly, Samsung Electronics and Google have revealed plans to use Qualcomm’s new computing chip, the Snapdragon XR2+ Gen 2, which is specifically designed to power mixed and virtual reality headsets. This chip can handle data feeds from multiple cameras within the headset.
Tamil Nadu’s efforts to become a $1 trillion economy by 2030 have sparked excitement among investors and businesses alike. With strategic policies and partnerships, the state is well on its way to achieving its ambitious goal.
The source of the article is from the blog macholevante.com