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The much-anticipated two-day Tamil Nadu Global Investors’ Meet in Chennai proved a show piece event for the MK Stalin-led DMK Government. The huge audience, quality panel discussions, participation of top industry captains and the presence of global investors all combined to give the TN GIM a huge success tag. The GIM managed to attract investment commitment to the tune of ₹6.64-lakh crore. This is expected to generate nearly 27 lakh jobs, both direct and indirect.
One of the key MoUs signed at the GIM was a proposal to put up an electric vehicle plant at Thoothukudi, in the southern-most part of Tamil Nadu, by VinFast of Vietnam at an investment of ₹16,000 crore. JSW Energy, too, has committed to expand its facility in Thoothukudi. The import of their investment commitment cannot be lost on the long-time observers of industrial development in the Thoothukudi region. It goes beyond the numbers and embraces a host of social-cum-security considerations.
Very many summers ago, this writer had a casual chat with the founder of a call centre company in Tamil Nadu. During the conversation, an argument ensued on whether the jobs provided by these call centres enhance the intellectual capacity of the employees. Angered by the insinuation, he said, “educated unemployment is a far more serious threat to the ecosystem.” Joblessness could force these educated to stray into avoidable terrains, he said. In a way, he hinted that the call centre jobs were holding them from going astray. Indeed, jobs weave a protective ring around these educated people. And, jobs are critical, especially in border areas. Ipso facto, VinFast sure is a welcome happening for Thoothukudi.
Sterlite saga
If read in this context, the Sterlite episode should have been resolved long ago. The Sterlite copper plant at Thoothukudi has remained shut ever since the erstwhile AIADMK regime ordered its closure following the killing of over a dozen anti-Sterlite protestors in police firing a few years ago. The Sterlite imbroglio has reached the highest court of the land, which is expected to hear the case later this month. Indeed, the Sterlite mess has been the result of a series of errors. Be it its birth or its closure, Sterlite has been an inseparable part of politics in Tamil Nadu.
The pollution issues cannot be just glossed over. There are no two views on this score. The moot point, however, is: Why have the authorities not stepped in timely and effectively to right the wrong? Why did they allow things to go out of control? Whose responsibility is it to bring about a balance between environmental concerns and development necessities? Even as these questions are glossed over, the job ecosystem in the region appears to have gone for a toss.
Jobs in areas surrounding Sterlite, too, have disappeared. The recent floods have only compounded the misery of the people in the region. When existential issues hit the people at large, it is the duty of the political leadership to exhibit statesmanship. The Sterlite fallout has gone beyond the lost jobs and caused immense discomfort to the national economy.
Today, India is a net importer of copper — a far cry from the days when the country was a net exporter of copper. Indeed, the dynamics of the international copper trade have undergone a huge metamorphosis post the Sterlite closure. Copper impinges every activity of a household. And, copper is critical for the country’s green vehicle drive.
The Sterlite experience, perhaps, has helped the State Government understand the need for a reasoned and calibrated approach in fixing such issues. A case in point is the way the State handled the recent ammonia leak incident in Chennai. The ability to navigate such issues will prove to be a litmus test for the Stalin Government which has embarked on a journey to take the State towards a $1 trillion economy. This requires a delicate balance between employment and environment. Statesmanship in political leadership is the need of the hour. The game of one-upmanship is not the answer.
The writer is a financial journalist
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