Coimbatore has not witnessed the desired growth: N. Mahalingam
POLLACHI: Concerned over the slow pace of industrial growth in Coimbatore, industrialist Pollachi N. Mahalingam appealed to leading industrialists of this region to join together to start massive factories to expedite the growth.
At the felicitation for S.V. Balasubramaniam, chairman of Bannari Amman Group, by various service organisations in Pollachi and Udumalpet, at Dr. MCET Engineering College here on Sunday for his social service, Mr. Mahalingam said when compared to the rapid industrial growth in the North and in Mumbai, Tamil Nadu was lagging behind. He attributed this to the poor presence of big public limited companies in the South. Coimbatore city was much ahead of Pune a few decades ago.
However, Coimbatore did not witness the desired growth, he said.
To overcome this backwardness and for the sake of the nation, a few industrialists in Coimbatore should join together and raise money through public issues to start massive steel, aluminium or fertilizer factories, he insisted.
The Supreme Court Judge, AR. Lakshmanan, lauded Mr. Balasubramaniam's service to industry and education. Speakers, including actor R. Sivakumar, appreciated his service as chairman of Siruthuli, citizen's movement in Coimbatore, and chairman, Board of Trustees of Palani Sri Dhandayuthapani Swamy Temple.
Mr. Balasubramaniam in his acceptance speech said all credit should go to his mentor Mr. Mahalingam. For a successful businessman, intelligence and cleverness was not enough. Hard work and perseverance were other essential qualities, he said.