The Tamil Nadu government has signed Memorandum of Understanding (MoU) with 59 companies, which will lead to investments worth Rs 35,208 crore coming into the state. The deals were signed during an investors’ meet at Coimbatore, which was presided over by Chief Minister M.K. Stalin. Agreements have been inked with seven companies in the fields of aerospace and defence system manufacturing, and an investment of Rs 485 crore is expected to be generated through this.

Stalin said that the deals are an indication that Tamil Nadu is on the right path to become a trillion-dollar economy. He said that despite the challenges of Covid-19 and natural calamities like rain and its related issues, it is a great moment for Tamil Nadu to attract investments.

The Chief Minister said that it was the third industrial conference in five months, which is a sign of the state government’s efforts to promote industrial investment and growth. Mr Stalin also laid the foundation for 13 projects worth Rs 13,413 crore, besides launching commercial production in 10 projects worth Rs 3928 crore. Government officials said that 92,420 people would get employment through these projects. Mr Stalin said that the government is aiming to make the state the fintech capital of the country, as he released a fintech policy. He also released a handbook on aerospace and defence systems.