Chennai (Tamil Nadu) [India], September 21 (ANI): Former Bharatiya Janata Party (BJP) Tamil Nadu state president K Annamalai on Monday took a dig at Tamil Nadu Chief Minister Vijay over his overseas investment-seeking tours, advising him to engage domestic industrialists in Tier-2 cities rather than courting capital in the United Kingdom, which he termed a 'dead economy.'

Speaking to reporters in Chennai, Annamalai argued that foreign investment roadshows in western capitals have become outdated in an era where India's economic expansion significantly outpaces that of developed nations like the UK.

'What I am saying is that the Chief Minister need not even go to London. I know London very well; it is a dead economy. There is hardly any money there, and the UK's growth is only around 1 per cent. If you go there and ask them to invest money in Tamil Nadu, what money are they going to give? They themselves are looking for money from others,' Annamalai remarked.

Annamalai noted that major Indian conglomerates like Tata, Mahindra, and Jaguar Land Rover, on the contrary, are among the primary entities pumping capital into the British market, reversing the historical economic equation.

'Instead of taking an Emirates flight from Chennai to London, the Chief Minister should take an IndiGo flight from Chennai to Coimbatore or Madurai. He should bring the local industrialists together and tell them: "If you expand your production facilities, the government will bear 50 per cent of the tax burden." That is what needs to be done,' Annamalai stated.

Urging the state administration to conduct investment outreach within the country, he said the Chief Minister should actively engage domestic capital hubs.

'He should visit Coimbatore and encourage the textile, automobile, and foundry sectors. Sit with industrialists in Madurai and Thoothukudi. If you need capital, go to Mumbai, Delhi, or Bengaluru-there are investors everywhere in India ready to invest. Strengthening the local economy by sitting with district Collectors and trade bodies is the approach we advocate,' he added.

Comparing macro-economic indicators, the BJP leader pointed out that India's GDP has expanded to over USD 4 trillion, surpassing the UK's economy of around USD 3.4 trillion. He also highlighted the UK's recent political volatility, noting that the country has seen seven Prime Ministers in a decade due to persistent inflationary and fiscal pressures.

'The Tamil Nadu government must stop focusing so much on trips to London, New York, Chicago, San Francisco, and Singapore. That is old-style politics that worked in the 1990s and 2000s, but has completely lost its relevance today. Efforts must be centred on strengthening the domestic base, empowering local industries, and creating indigenous markets,' Annamalai asserted. (ANI)