According to a study on Telangana’s development, the Telangana government’s TS-iPass scheme, which was introduced in 2014, has attracted over ₹4.1 trillion in investments while creating around 5 lakh direct jobs and an equal number of indirect jobs, despite COVID-19. The study was released by D S Rawat, Chairman, MSME Export Promotion Council (EPC), and Jigish Sonagara, Founder, CEO of the knowledge company BillMart FinTech Pvt Ltd. The study conducted jointly by the MSME EPC and BillMart revealed that the state has reached an unprecedented level of project approvals from 38 different departments in less than ten days.
Prior to the TS-iPass scheme, 1,126 project announcements were made, compared to 1,461 project announcements after the scheme was implemented, a 30 percent increase. In 2020-21, 218 projects totaling ₹399 billion were being implemented, a 29 percent increase from the 109 projects totaling ₹309.6 billion in 2019-20. In the past seven years, the per capita income of the state has increased by 125 percent, from ₹1,24,104 in 2014-15 to ₹2,78,832 in 2021-22. Gross State Product (GSDP) or State Income rose from ₹5 lakh crore in 2014-15 to ₹11.54 lakh crore in 2021-22.
Rawat stated that this initiative has significantly contributed to the state’s Ease of Doing Business (EoDB) and, referring to the CMIE (Centre for Monitoring the Indian Economy) CapEx database, he noted that the number of announced projects has increased.
In a similar vein, Sonagara remarked that according to the CMIE report, as of May 31, 2022, new investments in the state have increased significantly and are the youngest states with the fastest growth. In 2019-20, new investment projects worth ₹51,822 crore were announced, investment projects worth ₹12,354 crore were completed, and projects worth ₹4,744 crore were revived.