TN CM takes stock of investment proposals at Cabinet meet ahead of GIM

Pyramid set up near Kathipara grade separator to welcome GIM participants.

Chennai: The second Global Investors Meet (GIM), being organised by the Tamilnadu government, is all set to commence by next week and the State Cabinet meet chaired by Chief Minister Edappadi K Palaniswami at the Secretariat today discussed investment proposals by various companies.

“Proposals made by firms from various sectors, investments to be made by them in the State, clearances to be given by the government, granting approvals in a fast manner and other things were discussed in detail at the Cabinet meet,” sources said.

The Cabinet meet lasted three hours from this morning and other topics including the upcoming budget session of the Assembly, floor space index for real estate projects and granting permission to private universities were also discussed, sources said.

With the government gearing up for GIM, it has already cleared more than Rs 50,000 crore worth of investment proposals in the State in the last two months.

The government had also approved proposals of 30 firms that sought to invest Rs 49,000 crore in the State.

Palaniswami had said in the Assembly that proposals of 27 companies that would be expanding its operations in Tamilnadu had been approved. “These companies are expected to generate job opportunities for about 50,000 people,” he said.

He added that the State government’s single window clearance system would provide all required approvals in 30 days’ time. The government received 46 applications under the single-window clearance scheme.

MSME IMPORTANCE

The GIM this year is expected to focus more on micro, small and medium enterprises (MSMEs) and affirming this, Palaniswami had said the State government’s single-window portal for MSMEs was ensuring time-bound processing of applications and issue of clearances by various departments.

The government had received 329 applications on that front and approvals of MSME proposals would lead to generation of jobs for more than 15,000 people, the Chief Minister said.

To improve global competitiveness of MSMEs in the State and attract foreign investments into the sector, the State government is in the process of creating a separate entity, the Chief Minister said.

NT Bureau