TN Govt postpones Investor meet – Loksatta seeks clarification

Friday, April 24th, 2015 @ 7:54AM

The Government of Tamil Nadu in its Press Release dated Apr 21st has said that “The Global Investors Meet will now be held on 9th and 10th of September, 2015 at Chennai” citing that the foreign investors have said that they would be in a position to commit much larger investment with some more time being made available to finalize such investment proposals and they have also given a strong recommendation that the event be held after the summer season.

Loksatta Party on behalf of the people of Tamil Nadu would like seek clarification on the above. On Feb 14 2015 during the GIM curtain raiser event held, the CM said “During this event, the Government expects to attract additional concrete investments of at least One lakh crore rupees.” The Industries Minister even listed the names of such companies that had shown interest to invest in the state. The curtain raiser event was also attended by many companies who were willing to invest.

CV Sankar, additional chief secretary in the industries department of Tamil Nadu government said since May 2011, the state had been able to attract Rs 31,706 crore worth investments and added that Tamil Nadu’s Industrial Policy 1992 paved way for auto industry hub in the state. He even listed the names of automobile companies which had committed for new set of investments.

In addition to this, to attract investors,Tamil Nadu Government conducted Roadshows in France, United Kingdom, Japan, South Korea, Singapore, Malaysia and Germany. In addition, domestic roadshows have been conducted in Bengaluru, Hyderabad, New Delhi, Ahmedabad and Coimbatore. Further roadshows have been planned in many countries and various cities in India.

After all this is done, it is puzzling why the GIM has been postponed to September. The reasoning of media and other political parties that it is postponed because of one individual’s conviction in a court case cannot be completely denied. The Government in its part which listed the names of expected corporate companies who would invest in February, has not now revealed who among them need more time to finalize the investment proposals. This gives the people of the state a serious doubt if the investors were really ready to invest or the Government has failed to create Business-friendly environment for the investors.

Loksatta party urges the Government to clarify the above. The party also thinks that postponing it to September means the existing Government can be in power only for the next 8 months before the State Elections in 2016 and this would further affect investor sentiments.​

Categories: Press Releases

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