TN turns into hub for FDI

With India being the emerging powerhouse of 21st century, Tamilnadu is becoming the favourite destination for investments among other States in the country, C Chandramouli, Secre-tary, Department of Information Technology has said.

Speaking at the panel discussion, 'IT Hardware-Unleashing India's Manufacturing Potential', organised by the Southern India Chamber of Commerce and Industry in Chennai on Friday, the State government official elaborated on the competitive advantages of Tamilnadu.

'Proactive government, skilled manpower availability, strong law and order management, low wage rates and low cost of living and uninterrupted power supply are the few things which made Tamilnadu as the ultimate destination for investments,' he said.

Chandramouli said, 'Tamilnadu has attracted 2700 foreign direct investment (FDI) proposals in the last one year, thanks to the industry-friendly climate that prevails here. Nokia, Flextronics, Motorola, Foxcomm are to name a few.'

Comparing Tamilnadu with China, which is another important FDI destination, Chandramouli said that wage rates are about 10 to 12 per cent low in Tamilnadu.

He said that Tamilnadu is having a notable share in the country in many industrial sectors including software, hardware, automobile, cotton.