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As 33 new ventures materialise, Tamil Nadu jumps up to third spot in industrial growth

Tamil Nadu Chief Minister Muthuvel Karunanidhi said on Friday that an investment of Rs 350 billion was made in his state during the past two years by 33 new industries, creating direct employment opportunities to 125,000 people.

Inaugurating the commercial production of Hyundai's mid-size car Santro at Iringattukottai near Madras, he said of the 33 industries, ten had already started production and the Hyundai plant was the eleventh. These projects had provided indirect job opportunites for 250,000 people, he added.

Following the various steps taken by his government, the state which was in the fifth position in terms of industrial growth at the national level in 1995 (when J Jayalalitha's All India Dravida Munnethra Kazhagam was in power), has progressed to the third position now.

The credit deposit ratio of commercial banks in the state was also as high as 92 per cent against the national average of 55 per cent, he added.

Karunanidhi expressed satisfaction that over 90 per cent of the jobs provided by the Hyundai plant went to people of the state state. The company employs 1638 people.

Korean ambassador in India Dae Wha Choi, recalling that the Madras plant was the largest investment made by Hyundai outside Korea, said the plant would mark strengthening of economic cooperation between the two countries. Korean investment in India so far was of the order of $ 1.6 billion, he added.

UNI