Telangana is fast attracting foreign investments through its industry-friendly policies, IT and Industries Minister K T Rama Rao has stated.
Through its single window scheme TSiPASS, Telangana became a favourite destination for foreign companies to invest, he said while inaugurating a two-day Saudi-Indian Telangana investment meet.
He claimed that the TSiPASS is enabling global companies to come to the States with big investments. It offers all permissions in just two weeks to the companies investing in the State.
KT Rama Rao claimed that the State government attracted about $22 billion due to this policy. “With this, we could offer 1.5 million jobs directly and employment in IT and other sectors,” he said.
He further said that several international companies are showing interest to invest and set up their shops in the State. Chief Minister K Chandrasekhar Rao has directed the administration to offer a hassle-free mechanism to foreign companies.
This scheme, he said, is lauded at the national level for its industry-friendly policies. Indian envoy Ashok Sayeed appreciated that in the last five years Telangana achieved significant growth in the industrial sector.
The government has to work as a bridge to get more investments and efforts to be made to introduce the scheme to Saudi companies, Ashok Sayeed added.