City to host global investor summit

The State government will host a Global Investor Summit in Hyderabad in November 2017.

By Author  |  Published: 19th Dec 2016  8:25 pmUpdated: 20th Dec 2016  12:48 am
World IT Congress
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Hyderabad: The State government will host a Global Investor Summit in Hyderabad in November 2017, Minister for IT and Industries K T Rama Rao announced on Monday.

Summing up a short discussion on ‘TS-IPASS and Ease of Doing Business (EODB)’ in the State Legislative Council, he said that the investor’s meet was intended to attract investments from all over the world.

He said Telangana State Industrial Project Approval and Self-certification System (TS-IPASS) introduced by the government was unique in itself, according legal right for the investor to get time-bound industrial clearance provided all compliances were in order. The TS- PASS helped the State in emerging as an attractive investment destination in the country.

The TS- IPASS implemented through an end-to-end interactive online system, facilitates approval of mega projects involving investments of more than Rs 200 crore or an employment potential of more than 1,000, within 15 days and all other projects within 30 days. TS-IPASS has ushered in a graft-free industrial approval process, the Minister said.

The government had accorded approvals to 2,929 proposals for setting up new industries involving an investment of Rs 49,463 crore. The total direct employment potential of the approved proposals was estimated to be 1,95,390 and indirect employment will be another 3 lakh. So far, 1,138 industries have commenced commercial production in the State, Rao said.