The conversion rate of MoUs into actual projects during the last ten years was 82.4 per cent in Tamil Nadu.
Between 2011 and 2019, the State government had signed 500 MoUs envisaging investment commitment of ₹5.97-lakh crore. Out of these, 412 MoU projects have either commenced commercial production or are in various stages of implementation representing a conversion rate of 82.4 per cent, said a State government statement.
The conversion rate of 98 MoUs signed during GIM (Global Investor Meet) 2015 was 72 per cent and that of the 304 MoUs signed during GIM 2019 was 89 per cent.
The conversion rate refers to projects that have commenced commercial production or are in various stages of implementation such as purchase of land, application for clearances or trial production, as a percentage of the total number of MoU projects, the statement said.
There are various indicators than the MoUs to suggest the accelerating industrial growth in the State. The manufacturing Gross State Value Added (GSVA) of the State has grown at an average of 12.7 per cent in the last five years. The number of “Consent to Operate (CTO)” issued by Tamil Nadu Pollution Control Board (TNPCB) has been increasing steadily since 2011-12 and till date, 26,309 CTOs have been issued. TNPCB issues CTOs only to projects which have been completed and are ready to operate.
Similarly, 1,164 High Tension Power connections to industries have been given in the last three financial years. All these data confirm the leadership position of the Tamil Nadu in the country in attracting investment, the statement said.
The Pollution Control Board has issued CTO for 26,309 new industrial projects for commencing their production in the last 10 years. TANGEDCO has given 1,164 new HT connections in the last three financial years alone.
In addition, Tamil Nadu’s economy has been consistently growing at a rate above the national average and the state stands out as the most attractive investment destination, the statement said.