Telangana, under its new industrial policy, has given approvals to 5,469 industrial units with a total investment of $17.5 billion during the last three years, said Telanagana Chief Minister K Chandrasekhar Rao.
Addressing the inaugural session of Global Entrepreneurship Summit (GES) in Hyderabad on Tuesday, he said these approvals created over four 400,000 jobs.
He said under this policy which is called TS-iPASS, it is mandatory by law that all approvals have to be given within 15 days.
"The unique feature of this Policy is that in case the approval does not come in 15 days, it is deemed to be given," he said.
Rao said Telangana has been ranked as the No. 1 state in the country in Ease of Doing Business Rankings, brought out by the Indian government and the World Bank jointly.
Telangana has now become a favoured destination for both international and domestic investors, he claimed.
The Chief Minister said Hyderabad has the second largest presence of five most-valuable companies in the world outside their own headquarters in the US - Apple, Google, Microsoft, Facebook and Amazon.
Stating that the state is encouraging young entrepreneurs, he said Hyderabad hosts India's largest technology incubator called T-Hub, which is now recognized as a role model by the Niti Aayog.
Meanwhile, the GES opened to a dazzling display of dance with music and light with a touch of technology, which fascinated the delegates.
The audience including Prime Minister Narendra Modi and US President Donald Trump's daughter and advisor Ivanka Trump were impressed by the cultural programme combined with the audio-visual presentation.
The half-an-hour long programme highlighted the rich culture and heritage of India and also captured the strides made by India in science and technology and various other fields.
Also at the centre of attraction was 'Mitra', an indigenous robot developed by Bengaluru-based start-up. It walked up to Modi and Ivanka, who were requested to launch the summit logo by the flags of their respective countries on the display one after the other. The robot was programmed to welcome them with their names on pressing the flags.
It was Modi who was first requested to press Indian flag but Ivanka also pressed the US flag simultaneously. The robot could not perform its function properly and the name of only Narendra Modi could be heard.
Earlier, both the Prime Minister and Ivanka walked through the lobbies where the organisers had displayed few selected products and installed big screens highlighting India's achievements in different fields.
IANS inputs