Telangana Minister K. T. Rama Rao on Friday in a series of tweets proposed some measures to Union Government which it may initiate to "reboot and energise" India's economy to attract investments to the country as it combats Coronavirus crisis. Tagging Union Minister of Commerce and Industry Piyush Goyal he said that India has a great opportunity, "let’s grab it aggressively."
First, he urged the Government to carry out bold and essential reforms at the earliest. He asked to imbibe all best practices in Ease of Doing Business to propel India into top 20 in the world rankings. He suggested that the country's dated labour laws and bankruptcy laws should be updated and more importantly there's a need to guarantee and honour consistency in state policies to investors.
In another tweet, the Telangana Minister said that it is very important to focus on creating world-class industrial infrastructure in a mission mode over the next one year - "large self-contained industrial parks; corridors; develop world-class ITIs & polytechnics (2-4 for every state) Capacity building in Infra & skills is vital," he said.
3) Aggressively Improve our export competitiveness in priority sectors like Pharma, Aerospace, Textiles, Leather, IT & Food Processing. Some measures towards achieving this— KTR (@KTRTRS) May 1, 2020
a) Active scouting of markets
b) Creating a deal better than what competing nations offer
c) Soft loans for procuring quality machinery— KTR (@KTRTRS) May 1, 2020
d) International training of staff
e) Attractive incentives on exports
4) Bailout for SMEs; direct financial assistance for SMEs in worst affected sectors, easy & very soft credit for others, deferment of dues, priority Govt orders
5) Constitute an Empowered Strategy Group to identify and follow up on investment opportunities (with Central Govt, state govts, industry leaders, bankers, economists and policy experts)— KTR (@KTRTRS) May 1, 2020
In his final tweet, he said that if India has to compete for manufacturing opportunities, it needs to "Scale-up". Economies of scale will help us with a competitive edge, he added. The TRS president said that Mega industrial parks such as Hyderabad Pharma City and Kakatiya Mega Textile Park in Telangana need to be promoted as projects of national importance.
KT Rama Rao on Thursday conducted a review meeting with senior officials of IT and Industries Departments in Hyderabad to discuss the emerging situation in the post-coronavirus world. "Every one of us should brace up for a post-COVID-19 world," said Minister KTR in his opening remark.