High investment to counter slowdown

Published: 30th July 2013 08:12 AM  |   Last Updated: 30th July 2013 08:12 AM   |  A+A-

A weak currency and stagnant growth has hit South Indian states that spearheaded the industrial growth and socio-economic development, according to State Finance Minister O Paneerselvam.

Delivering the inaugural address during a Financial Sector Conclave organised by Federation of Indian Chambers of Commerce and Industry and Hindustan Chamber of Commerce here recently, Paneerselvam assured industrialists and bankers that Tamil Nadu government was taking all steps to stimulate economic growth.

Stating that Tamil Nadu Vision 2023 document envisaged an investment of`15 lakh crore in Tamil Nadu infrastructure, he said only higher investments in infrastructure and spending by government can counter the economic slowdown and boost private sector investments.

Urging the private sector to participate in the State’s growth story, he said, “In this difficult economic situation, I look forward to sustained funding from banks to industries and infrastructure projects.” He said that the State was facing difficult power supply situation due to inadequate investments made by previous government. “Now the Chief Minister has taken steps to improve this situation by signing long-term power purchase agreements for 1200 MW and new generation capacity to the extent of 4,191 mega watt will be added before March 2014,” he added. He also urged the industries and trade associations to take part in State Skill Development Mission to help build a skilled workforce.

R Rafeeque Ahmed, chairman of FICCI, Tamil Nadu State Council, R Subramanian, president of Hindustan Chamber of Commerce and P Murari, adviser to FICCI president and former secretary to the President of India also spoke on the occasion.

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