While Tamil Nadu Chief Minister M.K. Stalin touts 19 new MoUs worth ₹7,618 crore, promising 11,516 jobs from his recent US tour, Maharashtra is making waves by procuring investments 16 times more worth ₹1,20,220 crore without any international trips. Stalin’s announcement is overshadowed by concerns over investment transparency and accountability, especially given Maharashtra’s recent success in attracting significant projects like Tower Semiconductor’s ₹83,947 crore venture.
Dravidianist Media Celebrating New TN Investments
The Dravidian factions and the ruling DMK’s mouthpieces have been celebrating Tamil Nadu Chief Minister M.K. Stalin’s announcement of 19 Memorandums of Understanding (MoUs) worth ₹7,618 crore, expected to create 11,516 jobs. Stalin made this announcement during a press conference upon his return to Chennai on 14 September 2024 after a 14-day tour of the US.
Chief Minister Stalin said that he engaged with representatives from well-known firms during his trip, including 18 from Fortune 500 companies. As a result of these meetings, 19 Memorandums of Understanding (MoUs) were signed—eight in San Francisco and eleven in Chicago. These agreements are anticipated to create 11,516 jobs and will lead to developments in Tiruchy, Madurai, Coimbatore, Krishnagiri, Chennai, and Kancheepuram.
However, it’s worth noting that the DMK has yet to address the opposition’s calls for a white paper on the disclosures from previous investments attracted by Stalin. Before his recent US visit, Stalin had claimed that disclosing such details was not customary. However, upon his return and after being questioned again about the investments made during his trip, he altered his stance. Stalin asserted that the DMK has been transparent for the past three years and that the figures are already publicly available, but not without a twist here. Stalin pointed out that, based on evidence, less than 10% of the investments promised during ‘Edappadi‘ K. Palaniswami’s tenure as Chief Minister materialized. He chose not to elaborate further to avoid causing embarrassment.
What is troubling is that while the Dravidian parties blame each other, the state seems to be struggling to attract investments because Maharashtra, which already led in Foreign Direct Investment (FDI) inflows in 2023, has further bolstered its appeal as an investment destination without any ministerial visits to the US.
Maharastra
On 5 September 2024, Maharashtra’s Deputy Chief Minister Devendra Fadnavis announced a major development for the state, revealing that a total of ₹1,20,220 crore in investments had been approved in a Cabinet Sub Committee Meeting with Chief Minister Eknath Shinde. The approved investments include several significant projects that too without sending any delegations to foreign countries. Tower Semiconductor, in collaboration with the Adani Group, will set up operations at Taloja MIDC in Panvel with a total investment of ₹83,947 crore (10 billion USD). This project, which focuses on analog and mixed-signal semiconductor manufacturing, will have a phased approach—₹58,763 crore for Phase 1 and ₹25,184 crore for Phase 2—ultimately reaching a capacity of 80,000 wafers per month and creating over 5,000 jobs. Additionally, Skoda Volkswagen is investing ₹15,000 crore in electric and hybrid cars at Chakan, Pune, generating over 1,000 jobs. Toyota Kirloskar is also making a substantial investment of ₹21,273 crore at AURIC, Chhatrapati Sambhajinagar, to produce hybrid vehicles, plug-in hybrid vehicles, fuel cell electric vehicles, and battery electric vehicles, which will result in more than 8,800 jobs.
One more BIG news for Maharashtra !
Huge investments of total
₹ 1,20,220 crore approved in today’s Cabinet Sub-Committee Meeting, with CM Eknath Shinde ji !The detailed list of approved investments is as follows:
✅Tower Semiconductor with Adani Group at Taloja MIDC, Panvel… pic.twitter.com/DVI9z94WyU
— Devendra Fadnavis (@Dev_Fadnavis) September 5, 2024
To enhance Tamil Nadu’s ability to attract investments, the state government should prioritize greater transparency by releasing a comprehensive white paper on both past and recent investments, which would help address public concerns and build trust. Showcasing successful outcomes from previous projects can also demonstrate tangible benefits and appeal to potential investors.
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