Stalin shying away from white paper on FDI over fears of getting exposed, says EPS

CHENNAI: Stating that Tamil Nadu Chief Minister MK Stalin's foreign trip had fetched only a modest investment when compared to his counterparts from south India, Leader of Opposition Edappadi K Palaniswami questioned why the DMK president shies away from a white paper on Foreign Direct Investments (FDI) garnered.

Stalin is not forthcoming to publish the white paper as it would expose his efforts to nothing but ‘zero,’ Palaniswami hit out at the incumbent for the rate of investments garnered during the CM’s foreign trips in the last 40 months.

Going by media reports what the CM has brought is meager, EPS said.

“Telangana CM Revan Reddy's foreign trip in August this year fetched Rs 31,500 crore in FDI. Karnataka Industries Minister's foreign trip attracted FDI to the tune of Rs 25,000 crore”, Palaniswami said to justify his allegation.

Seventeen days of Stalin's sojourn in the USA ensured only Rs 7,618 crore, he said, adding, "In total, the CM had attracted FDIs to the tune of Rs 18,000 crore. It was the cumulative outcome of his trip to Dubai in March 2022, Japan and Singapore in August 2023, Spain in January 2024, and the recent one to the USA."

Palaniswami rebutted Stalin’s claims that only 10% of the MoUs signed during the previous AIADMK regime were realised.

The former CM said that 72% of the MoUs signed in GIM-I and 27% of MoUs signed in GIM-II have materialised.

“Besides, 41 projects were the outcome of MoUs signed during my foreign trips," Palaniswami said.

Even amid the COVID pandemic in 2020, the AIADMK regime was able to sign projects worth Rs 24,458 crore, Palaniswami said.

"I am quoting official data from government’s records. The same set of bureaucrats are still running the Industries Ministry. The CM (Stalin) could have checked facts with his officers before commenting (about only 10% realisation during the AIADMK regime)," he said.