Hyderabad: The state government is planning to replace the old “TSiPASS” industrial policy with a new one that will help the state compete globally in industrial growth. The draft of this new policy is expected to be ready by the first week of June this year. The focus of the new policy will be on six core sectors to attract global investments and boost manufacturing industries. These sectors include MSME, Export, Life Sciences, Electric Vehicles, Medical Tourism, and Green Energy. Additionally, there will be a new policy to support Powerloom and Handloom workers in the textile industry.
Officials believe that the new industrial policy will particularly benefit the pharma and electric vehicle industries, which are rapidly growing worldwide. The government feels that the existing TSiPASS policy has not yielded the desired results, hence the need for a more focused policy that encourages investment in capital-intensive emerging sectors to create more local job opportunities. Chief Minister A Revanth Reddy, who participated in a world investors meet in Davos last year, has urged companies to establish manufacturing units in Hyderabad.
To fulfill the promises made to investors, the government is preparing to welcome them with open arms through the new policy. At a recent meeting, the Chief Minister emphasized the importance of formulating policies that can compete with other countries in industrial development. He instructed officials to finalize the new industrial policies by June 6.
