Economic Growth Strategy for Tamil Nadu’s Trillion-Dollar Aspiration

Prominent economists have emphasized the need for Tamil Nadu to foster a mixture of high-skilled manufacturing in advanced sectors and large-scale low-skilled manufacturing to meet its goal of becoming a trillion-dollar economy by the decade’s start in 2030-2031. They highlighted the requirement for a substantial growth rate of 18 percent over the next several years, a rate higher than what China experienced in its high-growth phases. Discussions took place at an investors’ meet in Chennai, detailing that to stay competitive and propel growth, Tamil Nadu must enhance its skilled labor force and educational standards to cater to high-tech industries. Additionally, focusing on industries such as textiles and footwear can generate extensive employment opportunities for the low-skilled workforce. The state’s drive to upscale its manufacturing capabilities and workforce training suggests significant potential for economic advancement if challenges around infrastructure, such as the power sector, are addressed, alongside a welcoming approach to migration to meet labor requirements.