‘Only 64 of 98 projects signed at GIM 2015 were taken up’

26% of investments expected in 2019 received: Thennarasu

September 01, 2021 02:11 am | Updated 02:11 am IST - CHENNAI

Six years after agreements were signed at the Global Investors Meet (GIM) in 2015, only 64 of the 98 projects have been taken up and 11 electricity projects, worth ₹64,000 crore, were dropped, Industries Minister Thangam Thennarasu informed the Assembly on Tuesday.

Elaborating on the status of projects for which agreements were signed at the GIMs held in 2015 and 2019 under the AIADMK government, he said they were more of “fanfare” and “did not get translated into action”. Though 98 projects with ₹2.42 lakh crore in investments and the potential for creating jobs for over 4.65 lakh people were projected at GIM 2015, only 64 projects had been taken up for commercial production, and only ₹1.33 lakh crore in investments had been received, he said.

“Only 65.3% of the projects signed at GIM 2015 have been taken up and only 55% of the total investments expected have been received,” Mr. Thennarasu said. Though memoranda of understanding were signed for 15 electricity projects, only two came into operation and two others were in progress. He said, “11 other projects with an expected investment of about ₹64,000 crore have been dropped.”

As for GIM 2019, of the 304 projects for which memoranda of understanding were signed, only 150 had been taken up. Of the expected investment of about ₹3,00,500 crore, only ₹80,612 crore had been received, which was a mere 26%, he said.

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