Tamil Nadu’s Industries Minister, T.R.B. Rajaa, recently underscored the state government’s strong commitment to fostering innovation, urging local industries to significantly boost their investment and focus on research and development (R&D).
During his address at the 79th annual session of the Hindustan Chamber of Commerce (HCC), Minister Rajaa highlighted Singapore’s successful model. He mentioned how universities there, like the Singapore University of Technology and Design, engage students in solving real-world industry problems, even compensating them handsomely for their prototyping efforts. He expressed a strong desire to replicate this vibrant ecosystem within Tamil Nadu’s premier institutions, such as Anna University.
He affirmed the government’s readiness to facilitate such initiatives, emphasizing that empowering young minds is crucial for unlocking Tamil Nadu’s future potential. The Minister extended a direct appeal to industries for closer collaboration with the state government to achieve these ambitious goals.
Also present at the event, Vijay Sankar, Chairman of The Sanmar Group and Vice-President of FICCI, shared his insights. He noted that recent income tax reductions and GST 2.0 reforms are expected to leave more disposable income with the public, which in turn should stimulate increased consumer demand, optimize capacity utilization for businesses, and attract new investments.
Mr. Sankar further emphasized the critical importance of growth in the manufacturing sector. Drawing a stark comparison, he pointed out that while China’s R&D expenditure stands at an impressive $400 billion, India’s current R&D investment is a modest $20 billion. He stressed that R&D is a primary indicator of development, indicating that India has substantial ground to cover in this area.
Concluding the session, Minister Rajaa officially launched the new digital platform for the Hindustan Chamber of Commerce and unveiled its updated logo, marking the beginning of their 80th-year celebrations.
In other news from the Annual General Meeting, Ramesh Dugar, Chairman and Managing Director of Dugar Finance and Investments Ltd., was unanimously elected as the 80th President of the HCC for the 2025-26 term.
T. Praveen Kumar Tatia, the President-elect of HCC, also delivered remarks at the gathering.