Economic Development in Tamil Nadu - A Theore...

Economic Development in Tamil Nadu - A Theoretical Assessment

Author Name : Dr. G. Yoganandham, Mr. E. Mohammed Imran Khan

DOI: https://doi.org/10.56025/IJARESM.2023.115231837

ABSTRACT

Tamil Nadu is the second-largest economy in India and contributes 8.8% to the national GDP, with a diverse manufacturing and service sector and Chennai as the SaaS market capital. Tamil Nadu has become an industrialized and innovation-based state due to advancements in other industries. The Tamil Nadu economy is expected to develop at a 6.5% annual rate between 2023 and 2024 due to global uncertainties.  The government of Tamil Nadu has taken a number of initiatives to improve the agricultural sector, such as increasing net area and double-cropping area, and spending Rs. 230 crore on an all-village integrated agricultural development program. Tamil Nadu is one of India's largest states, with $3,329 million in foreign direct investment and an installed power producing capacity of 33.71 Giga-Watt (GW). The service sector is the third sector in a three-sector economy, contributing 54% to the gross domestic product of Tamil Nadu, with the government being the largest investor. The research techniques used in this study are theoretical and observational, examining concepts and perspectives from a macroeconomic perspective. Secondary sources of information and statistical data are used to supplement the material, creating a design framework that can both describe and assess. The Tamil Nadu economy is predicted to increase by 7% as it recovers from the COVID-19 pandemic. Agriculture and its allied activities are the largest employer in Tamil Nadu, thanks to the state government's aggressive measures to draw in investments, create jobs, and implement policy changes for sustainable growth. Technology improvements have led to a boom in the service sector.  In this background, this research paper mainly concentrates on  the current state of Tamil Nadu's economic development using secondary sources of information and statistical data in a macroeconomic theoretical assessment. The theme of the study article is both socially and historically relevant and significant in the modern context.

Keywords:  Tamil Nadu Economy, Gross Domestic Product, Three-Sector Economy, Investments, Sustainable Growth and Technology