State has realised 77% of MoUs signed since DMK came to power: Industries Minister

Minister for Industries T.R.B. Rajaa on Wednesday said 77% of memoranda of understandings (MOUs) signed since DMK assumed office in 2021 have materialised.

Since 2021, the DMK government has attracted investments to the tune of ₹10.32 lakh crore through MOUs and 80% of MOUs signed during the Global Investors Meet (GIM) 2024 have been realised as investments, , he told reporters in Chennai.

Out of the 631 agreements signed during the GIM 2024, as many as 525 have materialised with either the firms beginning the project construction or the company buying the land parcel as the metric, which puts a conversion rate of 80%, he said.

The State government was keen on converting MoUs into investments and employment and conducts periodical meetings to check the progress and consider interventions., Mr. Rajaa said.

“The sectoral progress is also being monitored. We are seeing faster project developments and capital deployment in State’s traditional sectors such as automobiles, heavy engineering and in areas like electronics manufacturing,” he said.

Mr. Rajaa also rejected the demands from the opposition parties to release a White Paper on investments, due to concerns over competition among States. “We want to capitalise on the India UK Free Trade Agreement and also look at options of attracting investments from Europe,” Mr. Rajaa said.