Favourable investment climate with Jayalalithaa as Chief Minister

Chennai: The return of J. Jayalalithaa as Chief Minister, has started working magic for the industries department, which has been struggling to meet its Rs 1 lakh crore investment target. With the AIADMK supremo back, domestic players are now showing an interest in investing in Tamil Nadu. Further, withdrawal of power cut on industries is also a strategy to attract investors. Preparations for the Global Investors Meet (GIM) in September is progressing with renewed energy, said a department official adding that so far investment agreements worth over Rs 75,000 crore had reached the final stage. As more road shows had been planned, achieving the target will not be an Herculean task.

To win investors’ confidence and to gauge market demand, periodic review meetings and interaction with captains of industry were being conducted. Feedback from diplomats, bilateral trade organisations, country trade organisations, local trade groups and officials was received. Ideas and suggestions from Confederation of Indian Industries, Credai, Associated Chambers of Commerce of India and Federation of Indian Chambers of Commerce and Industry were also taken into consideration, the official said.

“One of the two major issues enquired during investor road shows was the power scenario of TN and the quality of roads. The power cut issue had been solved and  repairing of city roads and state highways were also progressing,” an energy department official said. Commenting on lifting of power cut, S N Eisenhower, chairman, CII Tamil Nadu,  said,” This is a welcome step and we wish it would stay longer. Following the government’s decision, industries will be more relieved. Removing power cut will also help them cut cost.” He added that this would bring more investment to the state.