The advance estimates of National Income indicate that real Gross Domestic Product (GDP) is poised to grow at 7.2% in FY 2018, up from 6.7% last year. The advance estimates, based on data for the first six months and up to November for some indicators, are a fair assessment of the likely outcome. The earlier projections of the Reserve Bank of India (RBI), the International Monetary Fund (IMF) and the World Bank are also all higher than the advance estimates. This robust growth is also fairly diversified with more than 8% growth in manufacturing and 9% growth or more in electricity, other utilities, construction, and public services. Thus, with the economy on the right track, hiring activity is expected to be robust in 2019, despite India going to polls later this year. As Indian businesses focus their efforts on professionalizing operations, demand for talent in business partnering functions such as human resources, finance and legal is expected to rise.
Tamil Nadu is the fourth largest state of India. It has a diversified manufacturing sector and features among the leading states in several industries like automobiles, components, engineering, pharmaceuticals, garments, textile products, leather products, chemicals, plastics, etc. It ranks first among the states in terms of the number of factories and industrial workers.
The state of Tamil Nadu is also riding on the back of an immensely successful Global Investors Summit 2019 that was held last month. In one of the landmark MoU signings of the summit, SPR Group, a leading real estate developer in South India signed an MoU with the Government of Tamil Nadu committing to invest Rs. 5,500 crores over the next 7 years in Chennai. This includes investments in the development of their prized integrated township, SPR City, spread across 63 acres at Binny Mills.
The more critical announcement, however, was the declaration by SPR of generating tremendous employment opportunities due to this investment. The generation of the same is possible given the scale of this highly ambitious project. The SPR City project will comprise of India's largest multi-commodity wholesale trade center - Market of India, residential towers, world-class School, Mall, and Office buildings.
The Market of India project is expected to generate more than 133,000 employment opportunities both direct and indirect. 1/3rd will be direct i.e. 1 employment for every 150 sq. ft. and the balance of 2/3rd employment will be indirect. Spread over 5.5 million sq. ft., 3 million sq. ft. is planned towards the shopping area and around 2.5 million sq. ft. will be dedicated to infrastructure, warehousing, and parking.
The multi-commodity wholesale trade center, Market of India, will include more than 5,000 shops and 300 retail outlets with world class infrastructure, warehousing, logistics supply, and trade ecosystem. Of the total 5,000 shops, around 1500 traders have already signed Expression of Interest with SPR Highliving.
Market of India will have a three-dimensional impact on the economy of Tamil Nadu by providing avenues to Indian manufacturers to market goods, thus aligning with 'Make in India' goals, increasing business tourism across domestic and international market and lastly, by transforming the urban landscape, giving a whole new sleek modern infrastructure to an old crumbling existing one.
With SPR City taking shape, we can expect a new wave of change sweeping Chennai, promising greater economic growth and employment opportunities.