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Marking three months of its administration, the Tamil Nadu government, led by Chief Minister C Joseph Vijay, is set to host its first major investment summit, the 'Vetri Tamil Nadu Investors Conclave 2026,' in Chennai on Thursday.
The Chief Minister will formally inaugurate the conference at 11 AM at the ITC Grand Chola, where several agreements to attract investments are expected to be signed between the state government and leading corporate entities. The event will see participation from top officials of the Industries Department and heads of various companies. The summit takes place at a time of intense political debate in the state, where the opposition parties have consistently alleged that major industrial projects and investments intended for Tamil Nadu are being diverted to neighbouring states like Andhra Pradesh and Karnataka. Earlier, on August 7, the Tamil Nadu Assembly passed the resolution urging the Centre for equitable and fair devolution of taxes, invoking the principle of fiscal federalism. Finance Minister N Marie Wilson moved the government's resolution and argued that a "fair and equitable system of financial devolution is essential for States to effectively discharge their responsibilities." The resolution asks the Centre to ensure that the State receives its due share of financial devolution from the taxes contributed to the Union Government, consistent with the constitutional principles of fiscal federalism, equity, and fairness. The resolution also urges the Centre to adopt a "transparent, objective and equitable methodology" for the devolution of central taxes that "appropriately recognises the contribution, fiscal effort, governance performance and developmental needs of the States." Previously, Wilson presented the state budget on August 5 for the financial year 2026-27, outlining a visionary roadmap to transform the state into a 1.5 trillion-dollar economy by the year 2031. Addressing the state's fiscal health, the Finance Minister pointed out that Tamil Nadu's financial liabilities have seen a twofold increase over the preceding five-year period. To counter this, he emphasised that the current administration has shifted toward a more accountable tendering system, effectively ending the previous trend of granting government contracts to a narrow group of preferred entities or political affiliates. (ANI)
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