TSiPASS A Failed Policy: New Industrial Policy Would Be Announced Soon
Hyderabad, May 24 (Maxim News): The much-hyped TSiPASS industrial policy, introduced by the previous BRS government, offered huge benefits but failed to deliver the incentives to the investors.
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The previous BRS government owed Rs. 3736 crore in industrial incentives to the investors who set up their manufacturing units under the policy which came into effect soon after the formation of Telangana in 2014.
The MSME (Micro, Small, and Medium Entrepreneurs) sector alone did not receive a whooping Rs. 3007 crore incentives, officials said, adding that the cheques for another Rs. 684 crore given to the investors in 2023-24 had lapsed.
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Sources said that the present Congress government had taken a serious view on not releasing the incentives to the investors who set up the industries in various sectors like Pharma, mining, logistics, real estate etc. “State Industries and Commerce wing is studying the reasons for not releasing the incentives to the investors by the previous government, they said.
The government is looking into whether there has been any partisan approach adopted by the previous government in the release of incentives.
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Officials said the present government found some lacunae in the TSiPASS policy broadly and it could be the main reason the state could not receive the investments it deserved.
Officials records said Telangana received a whopping investment to the tune of Rs. 3.30 lakh crore under the TSiPASS.
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The realization of the investments in the state was still under study, sources said, adding that the self-certification system and single-window clearance for the setting up industries under the policy did not get much attention due to the high involvement of the top BRS leaders. As a result, some investors took a back seat in setting up industries in the state.
Records said that nearly 30 lakh jobs were created under the BRS regime’s industrial policy. “Which sector has got a big boost and which one was neglected will be known only after analyzing the data on the job creation.
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Officials said the previous government allocated funds for incentives and subsidies in the annual outlay every year. Practically, the last government failed to fulfill the assurances to the investors.
Now, the state government is formulating a new Industrial policy aiming to promote the manufacturing industry by inviting global investments. The new policy will be announced soon.
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Officials said, adding that a report on the implementation of TSiPASS policy would also be released at the time of launch of new industrial policy so that the investors would come forward by differentiating the two policies and which is best for them. (Maxim News)
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