TN joins other states to help achieve Centre’s target of $5 trillion economy

As several states have lined up strategies to make India a $5 trillion economy by 2026-27, Tamil Nadu — one of the most developed states of the country — has issued a request for proposal (RFP) for appointing a consultant which would help it become a $1 trillion economy by 2030.

According to the RFP document issued by the state government for selecting a consultant, the main objective of the exercise is to develop an economic strategy and roadmap for Tamil Nadu to realise the aim of becoming a $1 trillion economy by 2030.

The prospective consultant is expected to identify key requirements and enablers to realise the targets.

Tamil Nadu government’s efforts to become a $1 trillion economy is in alignment with similar efforts being made by other states like Uttar Pradesh, Madhya Pradesh and Maharashtra among others to contribute towards making India a $5 trillion economy.

Prime Minister Narendra Modi had during his Independence Day speech in 2019, had given a call for making India a $5 trillion economy by 2024-25. However, due to the Coronavirus pandemic, the target has now been pushed to 2026-27.

During the meeting of Niti Aayog’s Governing Council, held earlier this month, several states had reiterated their commitment to help achieve the target.

Madhya Pradesh Chief Minister Shivraj Singh Chouhan had said after the meeting that his state will contribute $550 billion to make India a $5 trillion economy.

Similarly Uttar Pradesh, Maharashtra, Gujarat as well as several other states are preparing strategies to become $1 trillion economy within the next few years to help the Central government achieve the ambitious goal.

Tamil Nadu is the second largest state economy in the country and has the third highest GDP per capita with a strong base in manufacturing and service sectors. It is the third largest exporting state, accounting for over nine per cent of India’s total exports.

Its efforts to become a $1 trillion economy by 2030 is likely to act as a boost for achieving the larger objective of India becoming a $5 trillion economy, sources said.

Tamil Nadu Infrastructure Development Board (TNIDB) is the nodal agency for infrastructure development in the state and it has been tasked with developing an overall strategy to enable the state to achieve the $1 trillion economy target, sources informed.

For this purpose, TNIDB plans to engage a global management consultant for developing a strategy to help the state achieve the objective by 2030.

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