The Telangana government will conduct a Global Investors Meet (GIM) here in January next year to showcase the State’s strengths and potential to companies worldwide.

On the lines of similar initiatives taken by a few other States, prominent among them being Gujarat and Karnataka, the event will seek to promote Telangana as a preferred destination for investments.

Announcing the plan to hold a GIM, Minister for IT and Panchayat Raj K.T. Rama Rao said the preparatory work would begin shortly, “most probably next month”. The Minister was addressing the ‘Make in India’ seminar of trade and industry body FTAPCCI (Federation of Telangana and Andhra Pradesh Chambers of Commerce and Industry) here on Saturday.

Task force on tax

Responding to Federation president Shiv Kumar Rungta’s appeal for a review of the VAT rates, the Minister said a task force had been constituted to look into the anomalies and rationalise the tax structure.

Acknowledging the contributions of FTAPCCI in formulating the industrial policy, Mr. Rao said the government’s approach would continue to be one of “cooperation and deliberation” with trade and industry.

Time bound approvals, transparent policy, pro-active governance and a graft-free administration are cornerstones on which the government seeks to promote industrial growth. Telangana also boasts of a 2.5 lakh acre industrial land bank, one of the largest in the country. Urging companies to ensure maximum jobs, especially semi and unskilled, for local people, Mr. Rao said the government provides financial and infrastructural support to companies imparting skills to employees.

Home Minister Nayani Narasimha Reddy said Hyderabad was a cosmopolitan, safe and secure city. Commercial Taxes Minister Talasani Srinivas Yadav said the tax collection was 35 per cent higher in 2014-15 compared to the previous fiscal. The administration is tax-payer friendly but will come down heavily on those evading levies.

Earlier, expressing happiness at the improvement in power supply, Mr. Rungta called for sale of land to industries at reasonable prices. He said rationalisation of VAT rates in Telangana was necessary as neighbouring States were levying lower or no tax on various items, leading to a situation of flight of trade. Such a move would help the industry become cost-competitive.

The government, he added, should also not go ahead with the proposal to make it mandatory for the buyer to produce evidence showing that the seller had paid (input) VAT.