New industrial policy out to woo investors

Hyderabad: Chief Minister N Chandrababu Naidu on Wednesday announced the new industrial policy. Addressing a press conference, the Chief Minister said that the State has come up with a general and three sector-wise policies for textile, biotechnology, and auto mobile components. Accordingly, to give a fillip for rapid industrial growth, first it was decided to create a 15 lakh to 20 lakh acres land bank.

Apart from giving relief in stamp duty and transfer duty, the prospective industrialist would be given power at the rate Rs 1 per unit. Investors in big, medium and small-scale industries would be provided with tax concessions. In case of small, women, SC and ST industrialists, the government has announced 50 per cent to 100 per cent relief.

The State would constitute a separate international desk to cater to the needs of the investors of foreign nations. Their proposals would be cleared through a single-desk system with a maximum time limit of 21 days. Where there is a delay of even a single day over the stipulated time, then the approval is considered as deemed to have been given.

The Chief Minister said that at district-level, similar powers would be given to the Collectors to clear investment proposals without any delay. He further added that officials of different departments would meet on third and sixteenth day of every month to clear the proposals for setting up industries, which could be applied online.