Hyderabad: Telangana State, with its investor friendly industrial policy TS-iPass, has succeeded in attracting investments worth $20 billion (about Rs 1,35,000 crore) and created a direct employment to 5 lakh and a two-fold indirect employment, said Industries Minister KT Rama Rao.
Addressing at the launch of the Southern Region Council of industry body Indian Chamber of Commerce (ICC) here on Thursday, he said the State has given more than 6,700 approvals to set up units in the State. Telangana is adopting a three-pronged strategy to attract new investments, expand the existing industries as well revive the sick or the incipient sick industries through its Telangana Industrial Health Clinic.
The State believes in the development at the grassroot level and has therefore invested nearly Rs 1,00,000 crore in augmenting the irrigation facilities for the farmers. It has also successfully fought the power shortage to turn into a power surplus State that is providing 24X7 free power to farmers. The State has also emerged to be the second largest generator of solar power, he said.
Telangana scaled many ranks in the ease of doing business mainly due to its focus on improving the basic infrastructure. It has also pioneered several polices that take an inclusive approach for overall growth, he said.
Telangana is continuing its reforms to attract investments in 14 key areas that it has identified, the minister said.
Rao asked the industry body to work with small and medium enterprises as they account for the a large part of the economy.
T Rajiv Reddy, chairman, ICC Southern Region Council, said the effort will be to find new members in the southern States. It will work to do sector specific events and one such would be on pharma industry in the coming two months. It will also work with Telangana Government and startups in the days to come.
ICC immediate past president Shahswat Goenka and senior vice-president Mayank Jalan also spoke.