Market Outlook: Fed meeting, FII data key factors for next week
Market outlook for next week will depend on factors like Fed rate cut, Japan inflation data and Foreign Institutional Investors (FIIs) activities, said analysts.
Chief Minister MK Stalin, who is slated to leave for the US on August 22 scouting for investments for Tamil Nadu, will chair a Cabinet meeting on August 13.
According to sources in the Tamil Nadu government, the Cabinet will clear some huge investment projects in the state.
The meeting that is scheduled to be held in the Secretariat is likely to approve some key reforms to attract investment and generate jobs in Tamil Nadu.
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This will be done so that the state can provide a perfect platform for investors from the US and other countries.
Tamil Nadu held a Global Investors’ Meet (GIM) in January and the state industries minister, TRB Rajaa said that 60 per cent of the memoranda of understanding (MoUs) signed at the GIM were in advanced stages of implementation.
As many as 631 MoUs were signed, with a commitment of Rs 6.64 lakh crore in investment.
Of this, a manufacturing facility at Thiruporur would be inaugurated in December this year.
It may be noted that Tamil Nadu Industrial Development Corporation (TIDCO) is establishing two space parks adjacent to the upcoming space port at Kulasekarapattinam.
According to sources, during his US visit, Chief Minister Stalin will be pitching for investments in the space sector as it is booming.
The state has already constituted a nodal agency Guidance Tamil Nadu for bringing in investment. The Stalin government is now planning to open a desk of Guidance Tamil Nadu at Tokyo, Japan.
It may be recalled that Tamil Nadu has around 200 Japanese companies that are into automobile manufacturing, transport equipment, machinery, electric machines and chemicals.
The Cabinet will also deliberate on the north east monsoon preparedness. It may be recalled that during the 2023 monsoons people died due to rain related incidents and flooding.
The state government is also sore at the Union government for not allocating anything for Tamil Nadu in the recent Union Budget.
Sources in the government told IANS that the Cabinet meeting will take up this issue also.
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