TN making rapid progress in industry, share in FDI increased: Stalin

Chennai: Tamil Nadu is making rapid progress on the industrial front particularly in obtaining more investments and the state's share in the country's foreign direct investment (FDI) increased to 5 percent from 4 in the past, due to proactive initiatives, Chief Minister M K Stalin said on Tuesday.

Asserting that the robust growth would pave way for development and in ensuring jobs for youth, he said what is of paramount importance now is to bring the investment into the state for which the firms have committed to.

"We have transformed the industrial scenario by signing 130 Memorandum of Understanding (MoU) with companies with a cumulative investment of over Rs 68,375 crore with employment opportunities for over 2.05 lakh people," the Chief Minister told the Assembly.

Intervening the speech of former AIADMK Minister K P Munusamy during the debate in the Assembly on the demand for grants to industries department, Stalin said Tamil Nadu's share in FDI increased to 5 percent from 4 in the past. "After returning from my overseas trip to UAE to sign MoUs, I had said my government had achieved in 10 months' time what your (AIADMK) government had not done during 10 years of rule," he said refuting a charge made by Munusamy.

Agreeing with the former Minister that mere signing of MoU will not bring industrial ventures to the state and that the deals would take shape gradually, the Chief Minister said he was confident that his government, especially the Industries Minister Thangam Thennarasu and his team would transform Tamil Nadu into a number one state in the country in terms of industrial activity. "Law and order is very important for sustaining industrial development. We are working hard on this front. I call upon the opposition members too to strive and encourage industrial growth," the CM urged.