CHENNAI: Industries Minister Dr TRB Rajaa strongly defended the state’s investment strategy, dismissing allegations from political opponents that the government is inflating the numbers regarding the conversion of signed investment MoUs into on-ground projects.
In a sharply worded statement on Wednesday, Rajaa said “conspiracy theories” routinely surface each time the state announces new investments, arguing that detractors were ignoring both the mechanics of long-cycle industrial projects and the state’s recent economic performance.
Since 2021, the state has signed 1,016 MoUs worth Rs 11.4 lakh crore with a projected 34 lakh jobs. Of these, 809 projects — over three-fourths — have already secured land and are at various stages, from commercial production to trial runs and construction, he said. Critics, he said, were clueless about how investments work and were misrepresenting commitments as immediate capital deployment.
Rajaa rejected claims that the state was overstating conversion ratios, calling such allegations “motivated by a desire to undermine” Tamil Nadu’s growth narrative. Industrial projects, he noted, require sequenced approvals —from land conversion and environmental clearances to financial closure — before construction begins. “Asking investors to put in all the money even before breaking ground shows lack of business knowledge,” he said.
The minister also turned his fire on opposition leaders who, he argued, have been muted on stalled centre’s clearances for major infrastructure proposals. The same leaders, he added, fall for fake news, referencing rumours about an Rs 85,000-crore BYD investment in Telangana, which the company later denied. Growth, the minister said, is broad-based.
Industrial clusters beyond Chennai — including Coimbatore, Krishnagiri, Tiruchy, Madurai, Tirunelveli, Vellore and Erode — are emerging as major economic centres. Electronics exports have surged nearly nine-fold from $1.7 billion in 2020-21 to $14.6 billion, supported by investments from Kaynes, Tata Electronics, Corning and other global firms.
Sunrise sectors such as EVs, semiconductors, renewable energy and global capability centres have also accelerated with projects from UPS, Hitachi, AstraZeneca, Sembcorp and others.
Anbumani: Govt inflating figures
Chennai: PMK leader Anbumani Ramadoss on Wednesday accused the DMK government of “grossly inflating” industrial investment figures. Speaking to reporters after releasing a document titled “DMK Government’s False Industrial Investments”, Anbumani said the government’s claim that the state has attracted `11.32 lakh crore in investments and created 34 lakh jobs in the past four years is a lie. Despite persistent demands, the government has not released a white paper on the MoUs signed since 2021, he said.
