New industrial policy to lob TG into global orbit

Hyderabad: The state government is contemplating to do away with the “TSiPASS” industrial policy of the previous BRS government and bring in a new industrial policy which could make the state compete with the global industrial growth.

The draft policy will be finalised by the first week of June this year. The new industrial policy would focus on six core sectors to invite global investments in the state and promote manufacturing industries. Under the new industrial policy, the state would focus mainly on MSME, Export, New Life Sciences Policy, Revised EV Policy, Medical Tourism and Green Energy. It will also formulate a new policy to benefit the Powerloom and Handloom workers to promote the textile industry.

Officials said that the new industrial policy would give a big push to pharma and electronic vehicle industries which are emerging fast in the manufacturing sector in the world. “The TSiPASS, the government feels that it has failed to achieve its desired results.

Hence it wants to have an industrial policy which will pay special focus on emerging sectors which are capital intensive as well which can create more jobs for local people,” said an official. Chief Minister A Revanth Reddy, who attended the world investors meet at Davos last year, urged them to set up manufacturing units in Hyderabad.

The government was working out to fulfill the assurance given to the investors in the new policy. It is gearing up to roll out a red carpet for such investors. At a high-level meeting on Tuesday, the Chief Minister suggested to the officials that the policies should be formulated to compete with other countries in industrial development . The Chief Minister directed the officials to finalise the industrial policies by June 6.