Image source: Telangana/CMOTelangana became the first state in India to bestow on investors the right to get clearance of their projects within a set time-limit with the unveiling of industrial policy framework on Friday. Aimed at making Telangana an ideal destination for investment, the new policy promises corruption-free and hassle-free business environment. With the slogan of 'Make in Telangana', the state government is inviting entrepreneurs to innovate, incubate and incorporate in the state. The new 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 the 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. With focus on minimum inspection and maximum facilitation, the system has a provision of automatic approval system on submission of a self-certification. There is another provision of deemed approvals, in case of failure of according approvals by departments, within the set time limits. Launching TS-iPASS framework in the presence of top industrialists, CEOs of various companies, representatives of industry bodies and diplomats of countries like Japan, Canada and France, 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 new policy promised 24x7 electricity, land, water and other infrastructure facilities for the industry. It also offered various incentives. Another feature of the policy is Research and Innovation Circle of Hyderabad (RICH), under which the government plans to harness the talent in education and research institutions to benefit the industry and make it globally competitive. The event saw business conglomerate ITC Limited announcing an investment of Rs.8,000 crore in the state. Mobile phone maker Micromax also announced its plans to set up a unit in Hyderabad but did not quantify the investment. On the sidelines, Ruia Group officials said they plan to invest Rs.400 crore to Rs.500 crore in a rail coach factory. CEOs of various companies and industry bodies hailed the new policy and the vision of the chief minister. The speakers including ITC chairman Y.C. Deveshwar, Ruia Group head Pawan Kumar Ruia, GVK chairman G.V.K. Reddy, GMR chairman G.M. Rao and National Association of Software and Services Companies (NASSCOM) chairman B.V.R. Mohan Reddy lauded the initiatives of Telangana government to boost industrialization. Speakers, especially from the IT sector, praised the chief minister for overcoming the electricity crisis within a year and ensuring uninterrupted power even during summer.With IANS