Chennai, August 18th, 2015:The Tamil Nadu Govt. today organized a financial conclave in Chennai to inform investors and finance institutions of the opportunities in the sector. This event, coorganised by industry body FICCI marks the countdown to the finale, scheduled for the 9th and 10th of September, three weeks from now.
The Government of Tamil Nadu aims to expedite the process of absorbing investment commitments resulting from the Global Investors Meet without any delays generally evident in the pattern of investment promotion in India. Chennai in particular and Tamil Nadu in general have a thriving and competitive ecology of domestic and international finance institutions, thanks to a diverse and productive industrial base. The prime imperative behind soliciting the expansion of the finance realm is the surge in start ups, adding to the thriving MSME sector.
J. Sadakkadulla, Regional Director (Tamil Nadu & Union Territory of Puducherry), Reserve Bank of India, said, “Tamil Nadu is the foremost in terms of banking sector. The Banking network is well spread and every village in Tamil Nadu has a bank branch. Tamil Nadu has surpassed all States in terms of credit flows.”
R. Koteeswaran, MD & CEO of Indian Overseas Bank said, “We are proud to be part of this State. Tamil Nadu has developed a habit for banking in every possible way. I ensure all the possible support on behalf of all the banks present in Tamil Nadu.”
P. Murari IAS (Retd.), Adviser to FICCI President and Former Secretary to Hon’ble President of India, said, “Tamil Nadu has been a cradle to the banking system in India. The banking sector should act as a mentor to the MSMEs as they have been the backbone of the Indian economy.”
Additional Chief Secretary to Govt. of Tamil Nadu, Department of Industries, Mr. C.V. Sankar I.A.S. said, “Tamil Nadu is a frontrunner in setting up financial institutions. The State has always believed in the policy of social inclusiveness, taking care of the bottom of the pyramid. Social safety net is most important and has helped the State in terms of health, education and overall development. FDI flowing into Tamil Nadu in the last 4 years is almost double that of the cumulative FDI the State registered between 2000-2011”.
Representatives of several national and international banks and financial institutions present in Chennai marked their attendance for the conclave. Over 50 Banking Institutions exhibited their credentials and over 250 delegates registered during the conclave.
About the Tamil Nadu Global Investors Summit
Tamil Nadu is one of the most economically developed states in India. It is the 3rd largest state in terms of industrial output in the country. It is India’s most industrialized and urbanized economy. The industrial output of the State has increased two-fold during 2005-10 with a CAGR of 18.6%, though the share in India has roughly remained around 10%.
In an effort to build on the attractive growth prospects in Tamil Nadu and the Government’s commitment in maintaining the state’s position as one of the most preferred investment destinations, the state government has decided to organize the ‘Tamil Nadu Global Investors Meet 2015’ on 9th and 10th September, 2015. The event is a focused endeavor to realize the state’s vision of inclusive growth through investment inflows, growth in employment, balanced regional development and environmentally sustainable long-term development.
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