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Invest in power, says Veeraswami

R.K. Radhakrishnan

Government thinking of creating one-stop website for all NRI queries about investments

Photo: S.R. Raghunathan

M.F. Farooqui, Industries Secretary, and Arcot N. Veeraswami, Electricity Minister, at a Pravasi Bharatiya Divas session in Chennai on Friday. —

CHENNAI: The Tamil Nadu government will consider setting up an organisation for the welfare of NRIs from the State on the lines of the Department of Non Resident Keralites Affairs.

A suggestion in this regard was made at a special session on Tamil Nadu at the Pravasi Bharatiya Divas here on Friday. Government representatives said it could be examined.

The government was also thinking of creating a one-stop website for all NRI queries about investments in the State. This would cut down the time spent on what was on offer, officials felt.

Electricity Minister Arcot N. Veeraswami urged people of Indian origin not to invest in information technology expecting huge returns. “I consider you my own brothers and sisters. I will not ask you to invest [in India] in areas in which I think the returns are low. Do not invest in information technology…the returns are lower now. You should invest in areas such as power, where returns are more than 200 per cent,” he said, chairing the session.

Mr. Veeraswami said Tamil Nadu was committed to go in for clean and green energy. The per unit cost of establishing and running a coal plant was Rs.2.34 while for wind power, it was between Rs.2.90 and Rs.3.40. The minimum that a unit was sold ranged from Rs.7 to Rs.8. “If you invest in power, you can make very good profits,” he said Industries Secretary M.F. Farooqui, TIDCO Managing Director S. Ramasundram, Tourism Commissioner M. Rajaram, ELCOT MD Santhosh Babu and Tamil Nadu Industrial Guidance Bureau Director M. Velmurugan also spoke.

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