Hyderabad, June 12 (IANS): Telangana became the first state in India to bestow on investors the right to get clearance of their projects within a set time-limit with a new industrial policy which promises corruption-free and hassle-free business environment.
The new industrial policy unveiled by Chief Minister K. Chandrasekhar Rao at a gala event here on Friday, makes the state liable for penal action if it fails to respond to investment proposals within the timeframe.
Under Telangana Industrial Project Approval and Self-Certification System (TS-iPASS), all the mega projects (over Rs.200 crore) will get clearance in 15 days while the other projects will be approved in a month.
There is also a provision of automatic approval system on submission of a self-certification.
Launching TS-iPASS framework in the presence of top industrialists, CEOs of various companies and representatives of industry bodies, the chief minister said a chasing cell has been created in his office to get all clearances for the projects on behalf of the investors.
KCR, as the chief minister is popularly known, promised that this single window clearance system will be free of corruption. He also announced that any officer responsible for a day's delay in clearing the file will be fined for Rs.1,000 a day.
The state assembly in November last year already passed a legislation to give legal backing to TS-iPASS, which is expected to attract huge investments in the newly created state.
The chief minister also launched a website of TS-iPASS, through which the applicants can apply online for approval of their proposals and make payments. After a brief meeting with applicants to establish their genuineness, the chasing cell will initiate the process of clearance.
KCR promised that applicants will no longer have to go around the offices of various departments to get approvals or pay bribes.
The event saw business conglomerate ITC Limited announcing an investment of Rs.8,000 crore in the state.
CEOs of various companies and industry bodies hailed the new policy and the vision of the chief minister.