Despite COVID-19 pandemic, Telangana attracts Rs 6,600 crore investments

HYDERABAD: Even as several States are reeling under the impact of COVID-19 for the last 16 months, Telangana has managed to attract a large number of investors from across the globe with its industrial-friendly policies, officials claim.

Though the main attraction is the State's policies like TSiPASS, T-IDEA and other similar schemes, officials say that they have helped in attracting global companies to invest in electronics, textiles, aerospace and different sectors.

According to data with the Telangana Industries Department, since the beginning of 2020, MoUs for investment of over Rs 6,600 crore have been signed and several of them have started construction work for their units.

Apart from this, several global companies have held talks with the State government evincing interest in Telangana. Already, a Canada-based company Ivanhoe Cambridge has discussed with the State to invest Rs 750 crore in the life sciences sector.

Recently, discussions were held between Telangana and Taiwan to set up the first Taiwan-specific industrial cluster in India.

Of the Rs 6,600 crore investment, the State attracted investments of Rs 2,889 crore in the electronics sector, Rs 2,855 crore in textile sector and Rs 902 crore in aerospace sector (Rs 585 crore (Azad Engineering) and Rs 317 crore (Safran Aircraft Engines).

The investments in different sectors are slated to provide direct employment to more than 34,000 people. In the electronics sector, companies like Gayam Motors, Exicom Tele systems Limited, Roshan Energy Technologies Pvt. Ltd have come forward to manufacture electric three-wheelers, two-wheelers, chargers and charging infrastructure for electric vehicles (EV), batteries and energy storage applications.

Under textiles sector, 23,000 direct jobs are coming with textile exporters such as Welspun India Limited setting up a second project at a cost of Rs 415 crore for advanced textiles project, Ganesha Ecosphere investing Rs 500 crore and Kitex Garments Limited looking to set up an apparel park at the Kakatiya Mega Textile Park in Warangal at a cost of Rs 1,000 crore.

The Korean textile and apparel company, Youngone Corporation, would be providing 11,700 direct jobs by setting up its unit at a cost of Rs 840 crore. For Kitex, which aims to offer 4,000 jobs, customised incentives are yet to be approved. The construction of these textile units are either in progress or at the beginning stage.

Speaking to The New Indian Express, Jayesh Ranjan, Principal Secretary (Industries & Commerce and Information Technology), said that the convenience of operations and factors like continuous power supply and access to resources are making investors show interest in the State.

"Our State is the only one in south India to provide trained manpower for industries. We are helping industries in every possible way to make Telangana an ideal destination for investments," he said.

While commending the high quality of infrastructure in the State, he added, "With policies like TS-iPASS, which offers speedy processing of applications for issue of various clearances required for setting up of industries at a single point, our State has become best in south India for investments."