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

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