Chennai: “The government should act with greater transparency regarding the 97 memorandums of understanding newly signed in Tamil Nadu,” DMK former minister T.R.B. Raja has urged.
In a statement posted on his X page, he said, “Nothing is more important to me than the overall development of Tamil Nadu, and especially industrial growth. Every investment attracted in our state, every factory established, and every job created gives us happiness. No matter which government is in power, industrial growth belongs to the entire state.
That is why, even in the matter of the 97 memorandums of understanding currently being cited by the government, greater transparency is needed. The refusal to allow journalists to participate in the investors’ conference raises a variety of suspicions.
For decades, the business media in Chennai have played a key role in presenting Tamil Nadu’s investment growth to the world. Why were they excluded from this conference? Why has the official list of those 97 memorandums of understanding still not been released to the public?
According to the compiled information, nearly 70 of the signed agreements, memorandums of understanding (about 75% of the total investment value and 83% of the jobs), appear to be either expansions of companies already operating or projects that had already been planned by the DMK government led by former Chief Minister M.K. Stalin.
For example, Titan’s investment of Rs. 1,000 crore came through its existing partnership with the state via TIDCO. If viewed as new investments, there are only 24 memorandums of understanding; this accounts for just 23 percent of the total investment value and 15 percent of the jobs.
The expansion of companies and the realization of investments that were discussed and finalized under the previous administration are indeed welcome. However, an investment negotiated during the previous government’s tenure cannot suddenly become a “new achievement” merely because it was showcased at a new conference.
The previous government created an industrial framework, attracted investors, and built an environment for companies to expand. The current government should be judged fairly based on what it is bringing in anew.
Therefore, the full list of companies that signed today should be released to the media immediately. The government should take action to ensure that people know which of them are truly new investments, which are expansions of existing companies, and which were brought in under the previous administration,” he said.