GIM ends with promises of ₹3lakh cr and a million jobs
D.Govardan@timesgroup.com
Chennai:25.01.2019
The acolyte has bettered his amma’s record. The second edition of the Tamil Nadu Global Investors Meet (GIM) 2019 ended on Thursday with ₹3 lakh crore of investment and more than a million jobs promised. Chief minister Edappadi K Palaniswami’s show has exceeded expectations; the challenge now is to convert promise into reality.
GIM 2015, orchestrated by J Jayalalithaa as chief minister, saw promises of ₹2.42 lakh crore in investments and employment to 4.7 lakh people. But the promises were spiked big time by non-delivery of power projects, which accounted for more than 40% of the investments planned.
This time around, the investments are spread widely across sectors. Overall, 304 MoUs have been signed to attract ₹3,00,431 crore of investments, including ₹32,206 crore from MSMEs, for which segment alone an additional 12,360 MoUs were signed. Manufacturing dominated followed by MSMEs, housing, tourism, agriculture, higher education as well as school education, besides energy and IT.
Emmanuel Delay of Groupe PSA with TN CM Edappadi K Palaniswami at GIM 2019 in Chennai on Thursday
GIM 2019 is a grand success: EPS
A beaming Palaniswami told the audience on Thursday evening tht, “GIM 2019 is a grand success and it has opened a new chapter in the annals of India. This is an endorsement of policies of Amma’s (Jayalalithaa) government.” Behind his humble persona was the big smile of having pulled off a grand show.
“We were able to attract investments from both foreign and Indian companies and from countries including Japan, Korea, Taiwan, Germany, USA and China,” Palaniswami said.
Industry captains were effusive in their praise for the government. “Tamil Nadu has the highest conversion rate in terms of MoUs into real investments. Besides the educated and dedicated talent pool and a committed bureaucracy, the state has a strong government headed by the chief minister, who succeeded a tall leader (Jayalalithaa), pushing bureaucrats to convert half chances into full opportunities. When you invest in Tamil Nadu, you invest in this holy trinity,” said R Santhanam, MD of Saint-Gobain India Pvt Limited.
Santhanam’s words soon found support from vice-president M Venkaiah Naidu. “Tamil Nadu is the only state in India that offers every connectivity from road, rail and ports in plenty and with easy access to all parts of the state. If you invest in the state, you can harvest also, if you follow the rules of the game,” Naidu told the gathered investors.
The vice-president said that he was happy to hear that a petroleum major was investing more than ₹27,000 crore in Nagapattinam. “Development should reach everywhere. It should reach every pattanam (town) and not merely be restricted to the major cities like Chennai and Coimbatore,” he said.
Naidu also advised the state government to appoint a liaison officer to coordinate with investors to sort out issues that may arise. Tamil Nadu Industries minister M C Sampath had already promised that. “Our government will monitor implementation of all projects to ensure jobs are created for our youths,” Sampath said.
“The next GIM will take place in 2021,” Palaniswami said. That will also be the year Tamil Nadu would normally gear up for the next assembly elections.
D.Govardan@timesgroup.com
Chennai:25.01.2019
The acolyte has bettered his amma’s record. The second edition of the Tamil Nadu Global Investors Meet (GIM) 2019 ended on Thursday with ₹3 lakh crore of investment and more than a million jobs promised. Chief minister Edappadi K Palaniswami’s show has exceeded expectations; the challenge now is to convert promise into reality.
GIM 2015, orchestrated by J Jayalalithaa as chief minister, saw promises of ₹2.42 lakh crore in investments and employment to 4.7 lakh people. But the promises were spiked big time by non-delivery of power projects, which accounted for more than 40% of the investments planned.
This time around, the investments are spread widely across sectors. Overall, 304 MoUs have been signed to attract ₹3,00,431 crore of investments, including ₹32,206 crore from MSMEs, for which segment alone an additional 12,360 MoUs were signed. Manufacturing dominated followed by MSMEs, housing, tourism, agriculture, higher education as well as school education, besides energy and IT.
Emmanuel Delay of Groupe PSA with TN CM Edappadi K Palaniswami at GIM 2019 in Chennai on Thursday
GIM 2019 is a grand success: EPS
A beaming Palaniswami told the audience on Thursday evening tht, “GIM 2019 is a grand success and it has opened a new chapter in the annals of India. This is an endorsement of policies of Amma’s (Jayalalithaa) government.” Behind his humble persona was the big smile of having pulled off a grand show.
“We were able to attract investments from both foreign and Indian companies and from countries including Japan, Korea, Taiwan, Germany, USA and China,” Palaniswami said.
Industry captains were effusive in their praise for the government. “Tamil Nadu has the highest conversion rate in terms of MoUs into real investments. Besides the educated and dedicated talent pool and a committed bureaucracy, the state has a strong government headed by the chief minister, who succeeded a tall leader (Jayalalithaa), pushing bureaucrats to convert half chances into full opportunities. When you invest in Tamil Nadu, you invest in this holy trinity,” said R Santhanam, MD of Saint-Gobain India Pvt Limited.
Santhanam’s words soon found support from vice-president M Venkaiah Naidu. “Tamil Nadu is the only state in India that offers every connectivity from road, rail and ports in plenty and with easy access to all parts of the state. If you invest in the state, you can harvest also, if you follow the rules of the game,” Naidu told the gathered investors.
The vice-president said that he was happy to hear that a petroleum major was investing more than ₹27,000 crore in Nagapattinam. “Development should reach everywhere. It should reach every pattanam (town) and not merely be restricted to the major cities like Chennai and Coimbatore,” he said.
Naidu also advised the state government to appoint a liaison officer to coordinate with investors to sort out issues that may arise. Tamil Nadu Industries minister M C Sampath had already promised that. “Our government will monitor implementation of all projects to ensure jobs are created for our youths,” Sampath said.
“The next GIM will take place in 2021,” Palaniswami said. That will also be the year Tamil Nadu would normally gear up for the next assembly elections.
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