IT minister Sridhar raps BRS for Davos investments hype'

Hyderabad: Industries and IT minister D. Sridhar Babu on Tuesday said that the previous BRS government and former IT and industries minister K.T. Rama Rao created “unnecessary hype” on investments they secured at the World Economic Forum in Davos.

Speaking to Deccan Chronicle in his chambers at the Secretariat on Tuesday, Sridhar Babu said the BRS government could strike agreements for investments worth Rs 21,000 crore at the Davos summit last year, while Maharashtra secured Rs 1.31 lakh crore.

“Even in these Rs 21,000-crore agreements, a significant chunk is yet to fructify,” he said.

Sridhar Babu stated that the Congress government would not splurge on foreign visits for investments by taking large delegations like the BRS government.

Referring to K.T. Rama Rao spending Rs 13.22 crore for a 10-day trip to Davos and the UK to attract investments, Sridhar Babu said that the Congress government will spend judiciously on foreign trips, adding that Telangana will be represented by a small delegation this time at the Davos summit, which is scheduled for January 15 to 19.

“Our focus will be on securing investments which actually materialise but not create fake hype like the previous BRS regime,” he said.

He said that the Congress government will fast-track approvals for setting up industries and companies in the state by reforming the existing TS-iPASS online approval policy launched by the BRS regime.

Sridhar Babu noted that the renewal of approvals under TS-iPASS was cumbersome, and needs to be rectified. “Lack of renewable energy policy for Telangana has hit investments in this sector,” Sridhar Babu said, referring to Karnataka, which attracted huge investments in the renewable energy sector on the back of its policy to promote renewable energy initiatives.

He said the Congress government will focus on attracting more investments in IT, ITeS, pharma and life sciences, and manufacturing sectors in the next five years.

Sridhar Babu stated that the state government will create a conducive investment environment in the state that adds to job creation and growth of the state's economy.