Despite lining up investments worth Rs 76,000 crore, the Tamil Nadu government on Tuesday postponed its Global Investors Meet (GIM) to September as the investors felt that the hot weather would not be conducive for the show. The meet, originally scheduled for May 23-24, will be held from September 9 to 10.
“A strong feedback was received from many foreign investors that the event may be held after the summer,” said an official release on Tuesday. “So far, investments worth Rs.53,000 crore in sectors other than energy and Rs.23,000 crore in the energy sector, totalling Rs.76,000 crore have been lined up for signing of MoUs,” the release said. The other reason cited for postponement of the meet is that it could bring in more investments.
However, a bureaucrat says, “Everyone knows the real reason.” As the Supreme Court has indicated that the verdict on the appeal by former Chief Minister Jayalalithaa against her conviction in the disproportionate case is likely by mid-May, the government is not willing to take any chances, say party sources.
The entire Cabinet, including Chief Minister O. Panneerselvam, party seniors and thousands of cadre would be in Bengaluru when the verdict is pronounced to show their solidarity with Amma , said party sources.
Touted as the most ambitious project, the government had sanctioned Rs 100 crore for the conduct of the event and road shows were conducted across the nation and abroad. Despite the postponement, the government said it would accord necessary clearances and issue orders facilitating the investment so that the MoUs could be signed during the event. But the news raised eyebrows in the industrial circles in the State.
“With the AIADMK supremo not at the helm, the State government wants to push it to a later date,” said an industrialist in the FMCG space, who had committed to making a substantial investment at GIM.
