Tamil Nadu doesn’t need IT investment, says minister

January 9th, 2009 - 5:14 pm ICT by IANS  

Chennai, Jan 9 (IANS) In an announcement that took everybody by surprise, Tamil Nadu Electricity Minister Arcot N. Veeraswamy said here Friday that the state does not need any more investment from the IT sector.He was speaking at the Pravasi Bharatiya Divas (PBD), the annual meeting of the Indian diaspora. Hoping to woo industrial investments to the state, he said the economic slowdown had affected around 50 percent of IT companies located on the IT highway - the Old Mahabalipuram Road.

However, Veeraswamy urged the Indian diaspora to look at sectors like electronics, automobiles, leather, textiles, paper, cement and others for investments. “For the next 25 years, these sectors will not experience any slowdown.”

According to him, cement manufacturers sell a bag for Rs.200-220 after manufacturing it for Rs.100. Similarly, manufacturers of newsprint, steel and others make good profits.

“Even brick manufacturers are earning good profits in the state,” he added.

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