By Express News Service

CHENNAI: Exactly a month ahead of the Global Investors Meet (GIM) and way ahead of the upcoming poll season, the State Cabinet on Monday approved the expansion plans of many companies in Tamil Nadu, a move that is likely to bring in investments worth around Rs 12,000 crore. Besides, it has also cleared the aerospace and defence policy of the State government.

The Cabinet meeting, which lasted for about 40 minutes, discussed in detail the progress made in attracting investments through the GIM, which will be held on January 23 and 24. Industries Minister MC Sampath and secretaries of various departments have already visited many countries to showcase the “investor-friendly atmosphere” of Tamil Nadu and concessions being offered to new firms. Last week, Agriculture Secretary Gagandeep Singh Bedi, along with other senior officials, visited France to woo agri-businesses. ​

“The Cabinet has cleared expansion plans of over 10 companies,” official sources said. “The worth of total investments will be around Rs 12,000 crore. Details of these companies will be announced during the Global Investors Meet.” Sources added that the “structural package of assistance” to be extended to these investment proposals has also been cleared by the Cabinet.

Sources also added that Chief Minister Edappadi K Palaniswami would release the Aerospace and Defence Policy well ahead of the GIM. State officials have been working hard for the last few months to make the GIM a success and exceed the investments Tamil Nadu secured after the first GIM in September 2015.

The effort comes amid accusations from opposition parties that significant investment proposals from major companies have been snatched away from Tamil Nadu by neighbouring States due to the “lethargic attitude” of the government. If the ruling AIADMK manages to make the GIM a success by beating the previous investment record, it is likely to become a strong campaign point in the upcoming election season, including the Lok Sabha polls.

With an eye on polls?

The clearance has come way ahead of the Lok Sabha polls to be held in 2019 and just a month ahead of the Global Investors Meet, the success of which is likely to boost the electoral prospects of the ruling AIADMK govt