Telangana to now focus on bringing down cost of doing business

"Now we will start focusing on bringing down the cost of doing business & improving the quality of doing business," said Telangana Industries Minister K.T. Rama Rao.

By Author  |  Published: 31st Oct 2016  6:54 pmUpdated: 31st Oct 2016  7:05 pm
File photo: IT Minister K T Rama Rao.

Hyderabad: Telangana, which along with Andhra Pradesh on Monday declared as new top-ranked state in ease of doing business, said it will now start focusing on bringing down the cost of doing business.

“Now we will start focusing on bringing down the cost of doing business & improving the quality of doing business,” tweeted Telangana Industries Minister K.T. Rama Rao, hours after the announcement of new rankings by the Union government

Telangana and Andhra Pradesh were declared top ranked states in Ease of Doing Business (EoDB)in a report prepared by the government in collaboration with the World Bank and released on Monday.

The Assessment of State Implementation of Business Reforms, 2016, based on the ranking by Department of Industrial Policy and Promotion, tracks the level of implementation of norms by state governments making it easier to do business in. Rama Rao said that the number one ranking for Telangana in EoDB is proof that their industrial policy is by far the best in the country.

Rama Rao, who is son of Chief Minister K. Chandrasekhar Rao, congratulated the entire team of Industry and Commerce Department and all other departments that supported the efforts to improve the state’s ranking from 13 last year to one this year.

Telangana had last year announced the new industrial policy, claiming that it is one of the best in the world. Under this policy, the industrialists were provided right to timely clearance.
Officials say since the launch of new industrial policy, the state has received 2,550 investment proposals worth Rs 60,000 crore.

They claim that commercial production has also started in 1,200 units. Telangana State Industrial Project Approval & Self-Certification System (TS-iPASS), which is backed by a legislation, has made the entire process of industrial approvals transparent, smooth and seamless.

According to state Industry Secretary Arvind Kumar, the main reform brought under the policy is the online application system. An investor sitting anywhere in the world can have access to all the information like availability of land for setting up an industry and its price. The industrialist can apply online and get all approvals within 15 days.

“There is no need for him to meet any official. This has helped in doing away with red-tapism and corruption,” said the secretary.