Our focus more on jobs than quantum of investments: TN industry min

Tamil Nadu has had a good deal of success when it comes to attracting investments, says the state’s minister for industries, investment promotion and commerce

T.R.B. Rajaa.

The southern state prefers companies that can create jobs quickly and Rajaa believes that due to its infrastructure, talented workforce and facilities, Tamil Nadu faces little competition from other states. Edited excerpts from an interview:

The recent global investors meet in Tamil Nadu generated MoUs worth ₹6.64 trillion. What is the state doing to ground these investments?

From the beginning, our focus has been on jobs more than the quantum of investments. We prefer companies that will definitely come and create jobs quickly. The GIM (Global Investors Meet) is only a starting point. We will only succeed when all this turns into actual jobs. It is already happening. Take the case of VinFast’s integrated electric vehicle facility at Thoothukudi. The MoU was signed at the GIM in the first week of January and the groundbreaking happened on 25 February.

We have formed a special committee that will periodically meet and review the progress of the 631 MoUs that have been signed at GIM. We will consider the meet a success only if all the investments worth ₹6.64 trillion come in, and 2.69 million jobs are created.

How strong is the competition between states to attract investments?

There is little competition for Tamil Nadu with the kind of infrastructure, talent pool and other facilities the state offers. We have a robust education system and can give the industry the talent it wants. The work ethic is high and attrition levels are low compared to other states.

But you lost Micron Technology’s investment at the last moment.

It’s their loss, not mine. You ask Micron if they’re happy today. I’ll leave it at that. I am not desperate like any other state. If they want to throw incentives as high as 70-80% of the project cost, that is fine. I am not playing that game. I will only give what is possible.

As someone tracking investments closely, do you see the ‘China plus one’

strategy actually working?

It is huge. I think this is India’s decade, if not the century. I've been telling everyone that Tamil Nadu is going to be the engine that’s going to power India into the future. Luckily for us, anybody who comes to India, the first door they knock on is ours. The state has a stable government that respects investors and safeguards their interests.

We’ve formed a special committee that will meet and review the progress of the 631 MoUs periodically T.R.B. Rajaa industries, investment promotion minister