NEW YORK CITY (TIP): After Prime Minister Narendra Modi’s Madison Square Garden Event in 2014, it has become a trend for Chief Ministers of different states of India to visit USA for FDI in their respective states. After Madhya Pradesh, Maharashtra, and Chhattisgarh among others, this time it was India’s newest state Telangana’s turn. In this case not Chief Minister K. Chandrashekar Rao, but his son Kalvakuntla Taraka Rama Rao, popularly known as KTR, Minister for Industries, IT, Mining, Urban Development and NRI Affairs for the State, has taken up the responsibility to project his state as ‘The Most Exciting Investment Destination in India.’
The India-America Chamber of Commercehosted an event on October 13 at Tulsi restaurant in Manhattanwhere the minister spoke about how Telangana has catapulted to be the most exciting investment destination in India with its pro-business and investor friendly polices, coupled with rich opportunities.
In his welcome speech, President of India-America Chamber of Commerce Rajiv Khanna set the tone by explaining why corporate giants like Google, Apple, Amazon, Microsoft, FaceBook, Ikea or Uber preferTelangana over the other 28 states in India. “The answer is simple. Telangana is a state where the entrepreneurial spirit leads to innovation, which leads to industry, which leads to prosperity.”
Now it was KTR’s turn to explain the pro-business and pro-investor policies of the state to make it ‘A magnet for foreign investors.’ He explained how Telangana has become the ‘Most progressive state’ in only two and half years and of course Hyderabad became fastest growing economic hub with effective policies and best practices adopted from across the globe.
KTR briefed the gathering about the TS government’s investment policies that he feels to be ‘One of the best policies in the world.’ “We have introduced the real single window system for investors. First, self-certification. You don’t need to meet anybody – no minister or bureaucrat. Second, your online application has to be processed in 15 days and the government must get back to you with a yes or no. If they fail to do so, on the 16th day you will get the approval by default. Third, you can sue the government for not getting the answer in 15 days and the bureaucrats will be penalized for the delay.”
Like last year, KTR is on a weeklong tour to the US with the agenda of discussing and reaching partnerships with corporate giants on various areas of collaboration with the Government of Telangana.