Ad Here  
September
October
November
December
January
February
 
 
PC please be our Santa When the examiner cheated... Tax evaders’ get out of Jail-Free Card A tale of two Bihar babus Outward ho In the horns of a dilemma Trail-blazing Tamil Nadu Welcome Measures. Work for 10X Change Jobs - Lost, Changed or Gained Strategic planning the missing link No groundnuts in groundnut oil! Tryst with GST Wanted: decentralised financial system Welcome move to widen the tax net… Need plan over the long term planning Welcome rains for damaged roads... Breaking news or breaking credibility? A gratifying record INDIA keeps its date with destiny Sustainably developing manufacturing sector… Truce at Kasturi Buildings Economy through the month A historic indirect tax reform Reform this licence to…kill BJP can now hasten its thrust for reforms An eco-friendly commute in Mysuru Make way for Make in India... How will it PAN OUT Sardar Sarovar – the seventy year itch After all, customer is the king Policy Makers Much can be done by us Two welcome measures from the chief minister... The deluge and the several kindly souls Miles to go... TN - so much to offer... Deming awardees galore! Ganesh’s mantras Public investments and welfare will surge An eventful week with VVIPs of Delhi It’s raining funds for states. Really? Why (not) abolish? Kudos to GIM organisers... Focus on agriculture and human resources What the big B should offer? Indian GST – Between extremes… CSR, tech revolution and bank crisis Oh my GOLD Need for radical RBI reform You too T M Krishna? A blueprint for the future Low profile moves The Great Fall Chennai Airport-Ready for a rapid take off... Weaving wealth of western Tamil Nadu Much ado about nothing Better relations with UK... Skewed Economic Zones? Well-administered State Land, land everywhere, but... Industry can’t get it from Mars, yet A dual GST that will protect prosperous states Rail-road Rajaraman Cleansing Indian retail MS Installed Babes In the wood-RBI North block has little clue to curb inflation Research for survival... Healthy finances of the Chennai Corporation If not Tamil Nadu, where else? Pool energy prices South India’s 100 most valuable companies Star of the South Little surplus after salaries, subsidies and debt servicing 1800 parties registered with EC – Less than 60 contest elections A Fine division of responsibilities Why throw baby with bath water? Focus on southern TN... CAD and the emergency thereof Technology and economic development should be linked They add lustre to Padma Awards Sowing seeds of hope Babes In the wood-RBI North block has little clue to curb inflation
 
Trail-blazing Tamil Nadu
On the southern tip of the Indian map lies Tamil Nadu: a State that has an exciting tradition of civilisation and culture that meshes seamlessly with modern industrial development. Home to enterprising entrepreneurs who belie their conservatism with the hot pace of growth they set. It’s a State that has done for itself very well. It can do still better as the Vision 2023 document envisages.

Tamil Nadu is one of India’s economically advanced states. Not just now; even in the past. Turn to history for proof.

Almost 70 years ago, at the crack of Independence, Tamil Nadu had several industrial units cutting across the state with Madras (now Chennai), Madurai and Coimbatore being the jewels in the crown.

Coimbatore in Western Tamil Nadu had a strong textile and supporting engineering industry. So did Madurai in the south. Chennai had its own rich cluster of industries:  Textile (B&C Mills/Binny) and engineering (Best & Co, Crompton Engineering, Parrys, Simpsons), to name a couple.

The start was good. But it needed progressive and visionary administration to take it forward. Luckily we had such an administration which introduced a slew of investment-friendly policies that drew out and encouraged new generations of entrepreneurs.

Look at the innovation: the Madras Industrial Investment Corporation (now TIIC), set up in 1949,  pioneered development finance. TIIC not only funded industries through term loans, it also extended equity support. In an investment-shy region this was like manna from heaven. In the entrepreneur’s mindset, equity was cheaper than debt!  And most start-ups didn’t have much anyway! The floodgates opened. Hundreds of units were set up in textiles, sugar, cement and other traditional sectors as also in entirely new areas such as aluminium, viscose, staple fibre and paper. So dynamic was TIIC that it later amended its Memorandum and Articles of Association to extend financial and equity assistance to shipping, recognising it as an industry!

The state helped businessmen engaged in trading to seamlessly transition to manufacturing. It was thus the dealers and distributors of popular, imported brands of bicycles, motor cycles and passenger cars, set up manufacturing facilities in collaboration with their principals, mostly in the UK. When the base expanded to the production of commercial vehicles and later tractors, it was a trigger for the mushrooming of a number of auto component manufacturing units. In quick time Chennai emerged strong in the engineering sector and earned the reputation as a strong centre for automobile and auto component manufacture. Along with these grew a flourishing services sector offering, among others, financial services and insurance.

And then the economy opened up in 1991. India shed itself free of Nehruvian socialism and married market economy. Tamil Nadu was ready for the giant leap forward as it had already built a strong base and this came in handy to carry out large volume production.

1 2 3 4 5
Author :
Reported On :
Sector :
Shoulder :
RELATED NEWS
ABOUT IE
IE, the business magazine from south was launched in 1968 and pioneered business journalism in south. Through the 45 years IE has been focusing on well-presented and well-researched articles. When giants in the industry stumbled to keep pace with the digital revolution, IE stayed affixed embracing technology.
Read more
 
PRIVACY POLICY
Economist Communications Ltd is committed to ensuring that your privacy is protected.
Read more
TERMS AND CONDITIONS
You agree that your use of this Website and the purchase of the magazine will be governed by these terms and conditions.
Read more
 
CONTACT US
S-15, Industrial Estate,
Guindy,
Chennai - 600 032.
PHONE: +91 44 22501236
EMAIL: indecom1968@gmail.com