State seeks to attract Rs 1 lakh crore investment

COIMBATORE: The state government is seeking investments equaling the total FDI that Tamil Nadu had attracted in 14 years, at the Global Investors Meet to be held in Chennai later next month. The state attracted FDI (foreign direct investment) to the tune of 52,000 crore in the last four years and is targeting investment proposals to the tune of 1 lakh crore at the event, industries minister P Thangamani said.
“We are aiming to bring 1 lakh crore investments during the meet,” he said at a roadshow organised here seeking investments from entrepreneurs for the showcase event of the government, which would be held on May 23 and 24 in Chennai.
Interestingly, the state attracted cumulative FDI of $16 billion (around 1 lakh crore at current exchange rates) between 2000 and 2014. TN has logged GDP (gross domestic product) growth of 7.29%, which was much higher than the national average, Thangamani claimed.
Entrepreneurs from the Coimbatore region should pledge support for investments totaling 20,000 crore at the investors meet, he stated. The government has appointed estate officers (in the rank of IAS) for each sector to ensure speedy clearance of projects, he said.
“Power problem is not an issue now. Entrepreneurs can follow up file clearance with the estate officer,” Thangamani said. Tamil Nadu, which has added 3,800mw of power in the last two-and-a-half years, would be a power surplus state in the current year, said C V Sankar, additional chief secretary, industries department. Another 620mw would come on stream in the next two months.