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In pursuit of its dream of a $1 trillion economy, Tamil Nadu is diversifying to embrace the growing sectors 

- LAKSHMI SUBRAMANIAN

The year was 2015. Venkatachalam Viswanathan, 35, had just returned from the US after quitting his dream job there. An IT professional, Viswanathan wanted to launch an IT startup in Chennai. But, the environment in Tamil Nadu then was not conducive to such a firm. After a yearlong struggle, he returned to the US and found another job. In 2021, while visiting his parents, Viswanathan’s friends apprised him of the changes in the state’s industrial scenario. This reignited his dreams and now he is getting ready to launch his company—an AI-enhanced health platform and health care e-commerce startup.

Viswanathan’s experience illustrates the transformation the state underwent in less than 10 years. It is then no surprise that the third Tamil Nadu Global Investors Meet, held in Chennai on January 7-8, attracted investment proposals worth 6.64 lakh crore. These are expected to generate close to 27 lakh jobs, direct and indirect. The government set itself an ambitious target of becoming a $1 trillion economy by 2030. The state’s gross domestic product for 2022-2023 was 23.5 lakh crore; $1 trillion at the current conversion rate is around 83 lakh crore.

A manufacturing powerhouse known for its textile and automobile industries, Tamil Nadu has diversified to embrace growing sectors like sustainable mobility, electronics and medtech. It now hosts a range of industries from IT to health care and has a pool of skilled professionals.

Anand Mahindra, chairman of the Mahindra Group, who gave the keynote address at the event, told THE WEEK that Tamil Nadu had an outstanding bureaucracy which is supportive during times of trouble. “The infrastructure, port connectivity and power sector are ideal factors and the quality of human capital, driven by quality education, is the state’s brahmas