Chennai, May 11 | Tamil Nadu Chief Minister M.K. Stalin on Wednesday said that the state has the potential to increase its share of exports manifold and that exports would catapult the state to a trillion dollar economy by 2030.
In his address at the Southern Region Export Excellence award function, organised by the Federation of Indian Exports Organisation here, he said that exports from the state would touch $100 billion from the present $26 billion by 2030.
Noting that in 2020-21, Tamil Nadu accounted for Rs 1.93 lakh crore or 8.97 per cent of India’s exports and was third among the states in the country, Stalin said: “Our goal is to increase the export share from the state every year.”
The Chief Minister listed a slew of industry-friendly measures taken up by his government including the Rs 100 crore allocation for strengthening the export infrastructure, formation of a knowledge city, and the constitution of the State Export Promotion Council as the reason behind the increase in exports from the state.
He also said that the share of exports from southern region of the country is to increase from the present 26 percent to 35 percent in the coming five years and the state expected to play a significant role in this growth.
The Chief Minister presented awards in multiple categories. Industries Minister Thangam Thenarasu and Micro, Small, and Medium Enterprises Minister T.M. Anbarasan were also present.
The Indian market recovered sharply on the last trading day amid the weekend after a continuous fall. Market has managed to halt above 16000 Nifty levels after continuous losing streak. Index reacted violently, grasping Indian as well as global factors throughout the week. Simultaneously, Inflation is catching up and profit margins are taking a hit.
Sensex advanced 1532 points or 2.90 percent while Nifty gained 484 points or 3.07 percent in a week. Simultaneously, Bank nifty has overcome bear’s dominance ending the session with 3.49 percent gain. Sectorally,Nifty Metal saw the highest gains of 7.40 percent followed by the Realty and Auto added over 4% gain. On the flip side Nifty IT tumbled 2.82 percent on weekly basis. Midcap and Small Cap measures rising nearly 2 percent as well.
In Nifty stock, EICHERMOT gained 11.31% while TECHM lost 5.98% on a weekly basis. INDIA VIX closes at 23.10 suggests volatility driven market is going to remain intact. Coming to the OI Data, on the call side highest OI witnessed at 17000 Nifty followed by 16800 Nifty strike price while on the put side, the highest OI was at 16000 Nifty followed by 15800 Nifty strike price. Technically, Nifty has formed a Tweezer Bottom type pattern in the weekly chart suggesting a short term buying rally may drive the market until monthly expiry. On the daily chart, price has rebounded from the lower Bollinger band as well.
Momentum indicators MACD & Stochastic were trading with a positive crossover & reversed from oversold zone. However, Index is still struggling to get the support of 50 Simple Moving Average in daily chart. Short term investors and traders are advised to work with option strategies to neutralize the volatility. Overall, Nifty is having support at 15700 mark while on the upside 16700 followed by 16500 may act as an immediate resistance. While Bank nifty has support around 32500 while resistance is placed at 36000 on weekly chart.
Source: Choice India