Chennai: A study by the Madras School of Economics says Tamil Nadu’s economy may grow at a rate of 8.08% to 10.69% in 2024-25. Commissioned by the State Finance Department, the study said that the country’s expected economic growth rate for 2023-24 was 7.3%. Being a “better-performing State,” Tamil Nadu’s growth would, in all probability, be faster than India’s.

Tamil Nadu’s per capita income is above the national average

“While the economic growth of the entire country is 7.24 percent, the DMK government has increased the economic growth of Tamil Nadu to 8.19 percent. The most important aspect of this development is that Tamil Nadu is the leading state in the export of electronic products, a growing industry. In the financial year 2023-24 only, Tamil Nadu has got the second position in education in the country,” Chennai-based Economist Gopalakrishnan said.

He added that “While the national per capita income is 1.72 lakh rupees, the per capita income of Tamil Nadu is only 2.75 lakh rupees due changes in administrative approach undertaken by Tamil Nadu Government. Also, Tamil Nadu, the country’s second-largest country in terms of Gross Domestic Product (GDP), tops India’s Export Readiness Index with 80.9 percent and tops the National Diversity Ranking.”

Tamil Nadu attracted 12 Lakh crore through GIM

In the last three years, the DMk-led Tamil Nadu government, which took over in 2021, has attracted investments of over 12 lakh crore through the Global Investors Meet (GIM). Similarly, the state government has attracted investments worth 6.64 lakh crore rupees in the GIM held in 2024 and has laid the foundation for the development of Tamil Nadu for the next 20 years.

Meanwhile, The TANSEED (Tamil Nadu Startup And Innovation Mission) initiative launched by Chief Minister MK Stalin to fund startups in the state has given fruit, ever since the govt came to power in 2021, the number of Startups in TN has increased fourfold, says data. In the last 3 years the number of startups have gone up from 2,032 in 2021 to 8,416 by April 2024. The startups headed by women have gone up from 996 to 3,163.