Telangana sees Rs 8K crore investments under new industrial policy

BENGALURU: Telangana, the youngest Indian state, today said it is expecting investments worth around Rs 8,000 crore from more than 20 common application forms received from investors under its new industrial policy.

It had announced in November a new industrial policy, Telangana Industrial Project Approval and Self-Certification System ( TS-iPASS), which promises right to time-bound clearance of proposals, zero graft and proposes six industrial corridors, among other initiatives.

Telangana Industries Minister Jupally Krishna Rao told reporters on the sidelines of Aero India 2015 here that more such applications are in the pipeline.

Under the new policy, all mega projects (over Rs 200 crore) will get clearance within 15 days.

"The government also promises that it would (hold accountable) the concerned departments if they fail to clear the proposals within the stipulated time," Rao said.

Asked to give a breakup of investments expected from the common application forms, Rao said it wouldn't be advisable for him to reveal the amount, but added that the Hyderabad is a preferred destination for investors in defence and aerospace sectors.

According to Rao, Hyderabad also enjoys locational advantage, as most of the districts are 100 to 120 km away from the city.

Moreover, Telangana, unlike other states, has 2.5 lakh acres of government land available for industrial purposes, Rao added.