Hyderabad, June 23 (PTI): Telangana has attracted investments worth nearly Rs two lakh crore during the past five years after the states industrial policy was launched, a report fromthe industries and commerce department said here on Tuesday.
The state has continued its high growth rate of 12.6 per cent compared to the national average of 7.5 per cent at current prices and the share of Telanganas economy in the national GDP has further increased by 21 basis points from 4.
55 per cent in 2018-19 to 4.76 per cent in 2019-20, it said.
'The flagship TS iPass initiative has attracted cumulative investments of over Rs 1, 96,404 crore in its more than five years of existence.
This has been possible due to the continuous EODB (ease of doing business) reforms being undertaken by the state.
The Telangana industrial infrastructure Corporation allotted 1520 acres of land to 526 industries this year with an expected investment of Rs 4,859 crore and expected employment to nearly 8,500 persons, it said.
A special park for MSMEs was inaugurated last year, which will be the first of its kind model park to be set up after the state's formation, the report added.
In the life sciences and pharma sector, the state capital continues to be a major hub in Asia and global destination for international companies.
The city accounts for 35 per cent of national pharma production and is home to more than 800 pharma, biotech and medical companies, according to the report.
The state has a combined enterprise value of over USD 50 billion in this sector alone.
In the textile sector the state managed to attract Youngone Corporation of Korea to Kakatiya Mega Textile Park in Warangal district with an investment of Rs 960 crore which has employment potential of 12,000 direct jobs.
Though the recent months witnessed unusual and difficult times as far as economic activity nationwide due to the COVID-19 virus, Telangana government is well prepared and handling the situation with aplomb, the report said. PTI GDK APR RAVINDRANATH GDK APR RAVINDRANATH