In Jayalalithaa’s seven month absence. the ruling AIADMK appeared to have put business on the back burner, leaving investors wary and industrialists disappointed. But with her coming back at the helm of affairs in Tamil Nadu, there arises a ray of hope in the eyes of industrialists.
In this regard, M Rafeeque Ahmed, FICCI State Council Chairman said, “If you see, for seven months, nothing was moving. No one was taking any decision. Bureaucrats weren't taking decisions. Everything was stopped.”
Analysts believe that this return of ‘Amma's’ to power will see stability return to the state. Several big ticket projects are anticipated to be back on track, including the Chennai Metro Rail, which might finally be given an inauguration date.
The Global Investors Meet, which is scheduled for September after being postponed twice, will test investor confidence, as the state aims to bring in 1 lakh crore rupees.
N Sathiyamoorthy, Director, ORF Chennai said, “Basically, she has to restore the confidence among people and media, especially through media. An impression was allowed to create that nothing was happening. First, that perception has to be erased.”
But in industrialists view, Jayalalithaa will need to do more than just get files moving. Following the recent exit of Nokia and Foxconn from Chennai, Tamil Nadu is slowly losing its sheen as an investment destination.
Beginning with the essential reform of existing policies, she will have to make all possible efforts for a more attractive Tamil Nadu from industrial point of view, with states like Gujarat, West Bengal, and Andhra Pradesh also wooing investors.
“As far as industry is concerned she must make new policies and make decisions within one week. Single window clearances, must be approved. Even labour policy she must revisit and relax the laws. New policies must be made for more employment.”, said M Rafeeque Ahmed.
With assembly elections in Tamil Nadu a year away, Jayalalithaa will not only have to fast track decision making that was put on hold during the last seven months but will also have to ensure that Tamil Nadu becomes ‘the destination’ for investors once again.