Investors queuing up to set up units in Hyderabad
Applicants are queuing up before TSIPASS, expressing keen interest in starting their own companies in the digital world where options as well as opportunities are unlimited Considering all applications, the IT sector takes the lead position among the sectors preferred by the budding entrepreneurs Manufacturing sector takes next position Enthusiasts are coming forward to set up manufacturing un
Hyderabad: Applicants are queuing up before TSIPASS, expressing keen interest in starting their own companies in the digital world where options as well as opportunities are unlimited. Considering all applications, the IT sector takes the lead position among the sectors preferred by the budding entrepreneurs. Manufacturing sector takes next position. Enthusiasts are coming forward to set up manufacturing units at Sherilingampalli, Rajendranagar, and Maheshwaram.
It is learned that the Medchal district is also receiving quite a good number of applications for setting up industrial units.Industrialists are showing much interest to invest in the city ever since the state government introduced TSIPASS. It is learned that simplification of permissions, completing formalities in a specific time period and no need to run around around government offices is what drawing them to set up startups in the city.
It may be recalled that the Telangana Government has enacted the “Telangana State Industrial Project Approval and Self-Certification System (TS-iPASS) Act, 2014” for speedy processing of applications for issue of various clearances required for setting up of industries at a single point based on the self-certificate provided by the entrepreneur and also to create investor friendly environment in the State of Telangana.
It is learned that there as many as 255 industrialists came forward to set up industries from August 2018. Among them, 54 applications pertain to the IT sector alone.It is estimated that an amount of Rs 21,444 crores are needed for setting up industries pertaining to 255 applications, while Rs 18,400 crores are needed for 54 applications in the IT sector. As many as 800 applications are received since the inception of TSIPASS in 2015 whereas the past six months witnessed 250 applications.
It has come to knowledge that applications proposing to invest Rs 40,237 crore investment with a potential to create 6.03 lakh jobs have been submitted. According to the district industries department, 478 industries have been set up so far. District industries department official Rajeshwar Reddy said that after the implementation of TSIPASS, there have been more applications from prospective entrepreneurs in the IT and manufacturing sectors. He stated that they are taking all necessary measures to process and approve the applications at the earliest.