TN bets big on Global Investors Meet

Tuesday 30th December 2014 07:20 EST

Chennai: Faced with a negative investment climate and in the absence of its charismatic leader Jayalalithaa at the helm, Tamil Nadu is betting big on the Global Investors Meet (GIM) here. The government plans to spend Rs 1 billion for the event in May and expects to attract Rs 1,000 billion in investments in just two days.

“Very ambitious but far-fetched” is how industry captains observed. Sample this: Tamil Nadu received over $12.5 billion worth of FDI from 2000 to 2014. In its Vision 2023, the State has targeted to attract $250 billion for infrastructural development. And, the GIM is seen as the gateway.

The GIM also comes in the backdrop of Nokia shutting down its largest plant in the world and Foxconn suspending operations this month. Already, the grim power scenario over the past eight years has kept investment at bay in the State.

The government, however, is optimistic. “This is a very important meet. We don’t want to miss out on even a single opportunity that comes our way,” says a senior official in the Industry Department. A micro-website - - is already up and has started enrolling members for the meet.

To make the GIM a success, the government has chosen IAS officer Pingale Vijay Maruti, who was shifted out of the Chennai Corporation for taking on the inefficient contractors. “Yes, he will be the nodal officer for the meet,” a senior official said.

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