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Tamil Nadu most urbanised State in country: Industries Secretary

Special Correspondent

Chennai: Tamil Nadu, the most urbanised State in the country, is a mature manufacturing destination with very high potential, said Rajeev Ranjan, Principal Secretary, Industries Department.

Inaugurating Insight 10, organised by Loyola Institute of Business Administration (LIBA) in association with Financial Software and Systems (FSS), Mr. Ranjan said the challenge before the country was to sustain the present growth rate for another decade at least.

The growth acceleration since 2003 in the country was represented by a structural increase rather than cyclical increase in the economy, he said, emphasising that the turnaround in manufacturing productivity had driven change and the GDP.

Outlining the challenges to sustain growth rate, Mr. Ranjan said the nation had to absorb surplus labour force in agriculture sector to manufacturing and services sectors.

With half of the population aged below 25, the country needed skilled manpower. Otherwise, the demographic dividend could turn into a demographic time bomb, he cautioned.

On policies to be adopted to sustain growth, Mr. Ranjan said the leakages in subsidies delivery system had to be plugged, reforms in taxes and accelerated infrastructural spending on roads and power was crucial. Enhancing R&D spending and innovative capacity in products, processes, telecom and managerial aspects could contribute to growth fuelled by entrepreneurship, he said, stressing that sustainable growth had to be inclusive.

P. Murari, advisor to FICCI president, said that India had almost moved into the area of developed countries, with the Presidents of the United States, France and Russia lining up to visit the country to create jobs in their respective countries.

The predictions are that the country would register a double-digit growth rate by 2013 and exceed China's growth rate in three to five years.

Affordability, accessibility and adaptability were necessary to succeed, he said. Fr. P. Christie, director, LIBA, said the business school had been rated in the top 10 schools for the second successive year.

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