Published Date: November 19, 2021
PTR pegs TN's YOY growth at 13% over next 10 years
Chennai: Tamil Nadu minister for finance and human resources development Palanivel Thiaga Rajan on Thurs. day said the state's economy should grow at 13o YoY for the next 10 years in order to become a Sone trillion economy by 2030
"We can achieve the one trillion-economy dream of our chief minister (
MK Stalin) and it is not impossible. Between 2006-2011, when the DMK ruled the state, Tamil Nadu had achieved 10.2. 10.3°. CAGR. Hence it is possible." Thiaga Rajan said while addressing an interactive virtual session on Tamil Nadu - Driving growth, Sustainability and Jobs, as part of the CII Global Economic Policy Summit, 2021.
"The past six months has offered me immense learning experience of a complex job. Despite the complexities of the government system, Tamil Nadu has benefited through the inclusive growth approach and early education of successive governments from the 1920s starting with the Justice Party. It is hard to do in 5-10 years, the advantages of 100 years for a competitor," he said.
The state government has opted for a data-centric and accountable approach, with proper checks and balances. on expenditure so as to improve the efficiency of the system. "We could already see tremendous results for our initiatives and there are limitless options to improve efficiency," he said, while hinting on the need for limiting government's 100% role to just few key areas and opting a PPP or BOT model to limit its stake to 26% or 50%.
"There is imbalance in human resource supply and we are woefully short on skilled resources. We need to look at the German model and models in other countries to correct this imbalance," Thiaga Rajan said.
There was also imbalance in the overall growth of Tamil Nadu in the last two decades, with southern districts lagging behind the development cycle.
"Our CM has said there should be no 'left behind' districts. Southern districts have a lot of potential and the competition for labour is not high. We have announced a few projects. Once Tuticorin VOC port expansion is completed, the Madurai-Tuticorin corridor could offer wide opportunities by providing sea connectivity," he said.
Media: Times of India