Telangana budget: Rs 3,077 crore for industrial sector, Rs 2,500 crore for incentives alone

Finance Minister T Harish Rao said the industrial sector in the State was progressing at a rapid pace.

Hyderabad: Giving an impetus to the industrial sector for continued positive growth, the State government proposed to allocate Rs 3,077 crore in the budget estimates for the financial year 2021-22, accounting for a 54 per cent increase over last year’s allocation of Rs 1,998 crore. The State also set aside Rs 2,500 crore towards incentives for industrial promotion, up from Rs 1,132 crore last year.

Finance Minister T Harish Rao said the industrial sector in the State was progressing at a rapid pace. The State government has introduced several initiatives and reforms that made things convenient for industry, especially in obtaining permissions. Among all the initiatives, TS-iPASS has garnered national and international attention as obtaining clearance for industries through the single window system has become faster and simpler. Industrial bodies have welcomed the initiative and the investor-friendly policies have ensure that Telangana is in the top three in Ease of Doing Business (EoDB) rankings.

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In the past six years, permissions have been accorded to 15,252 industrial units. This has ensured investments inflows of Rs.2.13 lakh crore into the State, besides creating employment opportunities for nearly 15.51 lakh people, he said.

Stating that Telangana accounts for 14 per cent of the country’s total pharma sector exports, Harish Rao said Hyderabad is considered the vaccine capital of the world with one-third of pharma companies that produce vaccines based in Hyderabad.

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