by IANS | Mon, Dec 06, 2021, 11:12 PM
Hyderabad, Dec 6 (IANS) Telangana has attracted $33 billion investment during the last seven years, state Industry Minister K.T. Rama Rao said on Monday.
He said that the state has so far given 17,500 approvals for industrial units under TSiPASS, the single window clearance system for investors introduced in 2014.
Addressing a German investors' meet here, the minister claimed that all clearances were given in a time-bound manner and in some cases the approvals from 37-38 departments were given in less than 10 days.
He also pointed out that 24 per cent of investment received by the state in the last seven years was by repeat investors who already had a base in Telangana.
"As long as your existing investors are happy, they become the biggest brand ambassadors across the world as they share their stories with others," he said.
KTR, as the minister is popularly known, said the state could attract the investment due to its investor friendly policies, best infrastructure, and proactive government.
He pointed out that under TSiPASS, which is backed by legislation, all clearances are given through a single window.
"If you have a piece of land you can start the factory on day one without any clearance and simultaneously you can apply under TSiPASS. If you don't get a response in yes or no in 15 days, your proposal is deemed approved on 16th day and bureaucrats concerned will be penalised for the delay at the rate of Rs 1,000 each day," he said.
KTR said no other state in the country has such a policy. "The KPMG Chairman told me that no state even in the United States has such a policy," he said.
The minister said Telangana has over 200,000 acres of land readily available for industrial use. The Telangana State Industrial Infrastructure Corporation (TSIIC) will facilitate land handed either in form of leasehold or freehold.
Inviting the German investors to invest in Telangana, KTR told them that if they are not coming to the state due to incentives offered by other states, they can share the same with him. "We will meet them (offers) or beat them," he said.
KTR said the state was supplying round-the-clock electricity to all sectors including agriculture and industry. He highlighted Hyderabad's strengths including the best ecosystem with research laboratories in a variety of sectors.
He pointed out that Hyderabad and Telangana are bang in the middle of India and well connected to not only other parts of India but also to other countries. He said Air India may soon launch flights from Hyderabad to Frankfurt and other destinations in Germany.