Kochi: The much-trumpeted Global Investors Meet (GIM) has presented a grand idea, but failed to produce the intended effect, said Justice V R Krishna Iyer, inaugurating the one-day seminar on ''Global Investors Meet and After,'' organised by the Centre for Studies in Development Strategy (CSDS).

Heavily flaying GIM for its lack of vision and clarity, he said the ultimate goal of every development activity should be the development of man, not of things or materials. "The accumulation of wealth into the hands of a few is a severe challenge to development."

The level of growth and development should be measured on the basis of progress made in terms of literacy, employment opportunity, equal distribution of wealth and medicare, he said. "An idea alone cannot create a sturdy base for development."

Elaborating on the achievements made by GIM so far, Jiji Thomson, managing director, Kerala State Industrial Development Corporation (KSIDC), said the prime motive was to create a fertile ambience for a development oriented economy. "It cannot be dubbed as a panacea for all problems of the state."

Kerala was in a ''development paradox'' with tremendous growth in sectors like education, public health, low birth rate and equality in income distribution, he said. "But the state is lagging behind in the process of income generation. Successive governments failed in creating employment opportunities and the financial situation worsened with investors shying away from the state. And attracting private investors to the state came to be the Hobson''s choice."

A total of Rs 26,000 crore was committed at the meet and the government has constituted an Investment Promotion Board headed by the chief secretary to ensure fast-track implementation of the committed projects. The International School at Thiruvananthapuram and the Truck Terminal project at Kalamassery will be inaugurated shortly, he said.

Other important projects on the anvil are Veli Amusement Park, a mineral processing plant at Chavara, a technology project at Panampilly Nagar, Track Tyres, Kochi Refineries expansion project and integrated food processing unit, he said. "The successful implementation of these projects depend on the proactive follow-up by the respective departments, political consensus and social support."