Jayalalitha invites India Inc to invest in Tamil Nadu

In the first-ever interaction with the captains of industry after she came to power in May, Tamil Nadu Chief Minister J Jayalalithaa on Tuesday appealed for fresh investments to realise her vision of making the state "number one in all spheres of development".

"Tamil Nadu will be your ideal platform to generate wealth. We believe opportunities are meant to be exploited. The state has a vision, which is to generate economic activity and add to the quality of life. This can happen only if all of us convert potential into opportunities and opportunities into prosperity", she told leading industrialists, who had converged in Chennai for the National Council Meeting of Confederation of Indian Industry (CII).

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Jayalalitha said her government was committed to making Tamil Nadu a new growth model among Indian states.

"I invite you all to be the active partners in realising my vision of making Tamil Nadu as number one in all spheres of development", she said.

Jayalalithaa, who will be leaving for New Delhi on Tuesday for plan discussions, said the discussion papers on 12th Plan had indicated 9 to 9.5 per cent growth rate for the country, which warranted 11 to 12 per cent growth in the manufacturing sector.

To achieve this, her government's immediate task was to improve the investment climate and make the State a most favoured investment destination.

Blaming the previous Karunanidhi government for the slowdown in attracting investments in the manufacturing sector, Jayalalithaa said she had launched a "reinvigorated struggle" to boost the pace of industrialisation in the State.

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Jayalalithaa said her government was committed to providing an enabling environment conducive to the Corporate sector.

She said the state government was aware of the challenges such as infrastructure deficits including frequent power cuts that the industries faced.

"We will do everything possible to help the industry overcome these challenges. I am aware of the nervousness in some sections of the corporate sector arising out of recent unfortunate power cuts", she said.

Referring to the severe power shortage which was one of the major issues in the assembly polls, she said her Government would take efforts on war-footing to not only correct the situation but also to make Tamil Nadu a power surplus state.

Hailing the Anna University in Chennai as one of the world's largest technical university, she said abundant availability of skilled manpower at relatively lower wage costs, coupled with peaceful industrial relations, make Tamil Nadu the most preferred investment destination.

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Jayalalitha said ever since her government took over this year, there was a very enthusiastic response from the corporate world for making investments in Tamil Nadu.

"It is encouraging to note that investors are displaying their growth faith in the immediate and medium term prospects of Tamil Nadu...I invite you to repose faith in Tamil Nadu. Our government is committed to renewing the people's faith in good governance in a socially just and equitable process of development", she said.

CII President and Tata Steel Vice Chairman B Muthuraman, CII President Elect and Godrej Group Chairman Adi Godrej, Bajaj Auto Chairman Rahul Bajaj, TVS Motor Company MD Venu Srinivasan, Mahindra & Mahindra Automotive and Farm Equipment Sector President Pawan Goenka and senior industry leaders were also present on the occasion.