Tamil Nadu's YoY Growth Is Expected To Be 13% During The Next Ten Years

Palanivel Thiaga Rajan, the Tamil Nadu minister for finance and human resources development, said on Thursday that the state's economy should expand at a rate of 13% YoY for the next ten years in order to reach a $ one trillion economy by 2030. It is not difficult for them to fulfil their chief minister's objective of a trillion-dollar economy.

Tamil Nadu had a CAGR of 10.2 percent -10.3 percent from 2006 and 2011, when the DMK was in power. Thiaga Rajan made the remarks while speaking at the CII Global Economic Policy Summit, 2021, at an interactive virtual session on Tamil Nadu - Driving Growth, Sustainability, and Jobs. The last six months have provided me with a wealth of knowledge about a difficult job. Despite the intricacies of the government structure, Tamil Nadu has profited from successive governments' inclusive growth policies and early education programmes, beginning with the Justice Party in the 1920s. He remarked that it is difficult to achieve 100-year advantages for a competition in 5-10 years.

To increase the effectiveness of the process, the state government has chosen a data-centric and accountable approach to spending, with necessary checks and balances. Limiting the government's 100 percent engagement to just a few essential areas and choosing for a PPP or BOT model to restrict its investment to 26 percent or 50 percent are both necessary.

Meanwhile, in the previous two decades, there has also been an imbalance in Tamil Nadu's general growth, with southern districts falling below the development phase. Rajan also mentioned that the chief minister of the state has stated that there should be not be any of the districts that would be left-behind. Southern districts have a lot of promise and there isn't a lot of rivalry for labour.