Chennai, The Global Investors Meet 2024 witnessed former Reserve Bank of India Governor Raghuram Rajan sharing valuable insights into the economic landscape, particularly focusing on the dynamics of global trade. Addressing the summit in Tamil Nadu, Rajan highlighted the anticipated limitations in export barriers from China and emphasized the importance of ambitious targets combined with a competitive economic environment.
Rajan’s discourse delved into the pivotal role of services in the broader growth narrative. Cautioning against undervaluing the contribution of services, he discouraged the perception of them as ‘less valuable’ or ‘less amenable.’ During his speech, Rajan advised against over-subsidizing manufacturing, urging participants to recognize services as a substantial and integral component of the overall growth story. “Think about tourism in the state,” he added, contemplating the significant job opportunities that the tourism industry can generate, particularly in low and semi-skilled sectors.
Expressing skepticism about an extensive relocation of jobs from China in non-strategic areas, Rajan noted, “The barriers to exporting from China are gonna be much more limited than in some of the more strategic areas where barriers have emerged.” He underscored the need to set ambitious targets and strive for competitiveness to navigate the evolving global economic landscape successfully.
The summit marked significant economic collaborations, with Tamil Nadu securing investment pacts exceeding $4.39 billion with key industry players such as Tata Electronics, Pegatron, and Hyundai Motors. Chief Minister M. K. Stalin, assuring unwavering support for investors, reiterated Tamil Nadu’s commitment to playing a pivotal role in India’s growth trajectory.
This summit is poised to catalyze heightened economic activities in the state, with a specific focus on job creation and fostering industry development. The announced agreements are anticipated to generate thousands of jobs, further solidifying Tamil Nadu’s position as a thriving economic hub.
