CHENNAI: The second edition of Tamil Nadu’s Global Investors Meet (GIM) that is expected to have a special focus on the aerospace and defence sectors is all set to begin on Wednesday.
On Friday, ahead of the GIM, the government cleared a slew of industry-friendly measures including the new Tamil Nadu start-up and innovation policy. The government has already approved investment plans of 11 companies worth nearly ₹20,000 crore and has also decided to subsidise the manufacturing of electric vehicles. The memorandum of understandings (MoU) are likely to be signed at the GIM on 23 and 24 January.
The key focus area at this year’s GIM apart from the textile, automobile, pharmaceutical, chemical and agro and food processing industries, would be the aerospace and defence sector. With the state government planning to unveil its own aerospace and defence policy, the government would be keen to woo investors.
On Sunday, just ahead of the GIM, the defence minister Nirmala Sitharaman inaugurated the Tamil Nadu Defence Industrial Corridor and announced total investments to the tune of over ₹3,000 crore. She will release the ‘Tamil Nadu Aerospace and Defence Industrial Policy 2019’ on Wednesday.
The state government has allocated ₹75 crore to conduct the two-day event, over 250 stalls have been set up by investors and 11 partner countries will display their products and services.
The Edappadi K. Palaniswami government, on Monday, while replying to a petition at the Madras HC that had sought to restrain the state government from conducting the GIM until guidelines were framed to safeguard the interest of foreign investors, informed that 2,900 investors have registered online for participating in the GIM. The state also expects that 260 MoUs would be generated and ₹2.52 lakh crore is the expected investment from the MoUs.
In September 2015, late chief minister J. Jayalalithaa’s government managed to attract investments of ₹2.42 lakh crore in the first edition of the investors meet.
At the conclusion of the GIM in September 2015, just months ahead of the assembly elections in 2016, late chief minister J. Jayalalithaa had announced that the government would hold the event every two years. However, due to various political changes following the demise of Jayalalithaa, the investors meet was delayed.