Telangana Chief Minister K Chandrasekhar Rao said that his office would have a "chasing cell" to monitor the progress of various proposals, while presenting the features of the policy.
The policy was announced in the presence of big businessmen like G M Rao, G V Krishna Reddy, B V Mohan Reddy and Yogi Deveshwar of the ITC Group.
"I want your (businessmen) blessings in taking Telangana forward as a business-friendly state," the CM said.
As per the new policy Telangana State Industrial Project Approval and Self-certification System (TS-iPASS), penal action will be taken against government officials if there is any undue delay in processing applications, the CM said, adding that mega projects would get permissions in 15 days.
Also Read
The policy prescribed norms for giving permissions to mega (investments of Rs 200 crore and above), large (Rs 10 crore-Rs 200 crore) as well as small and medium project proposals.
The government identified 14 core areas for a focused approach which include life sciences, pharma, information technology, aerospace, automobiles, textiles, minerals and transportation and logistics, among others.
The CM also launched a solar power policy which will ensure single window clearances to solar projects.
The government has created a bank of 1.5 lakh acres of land which can be used for industrial purposes and transferred it to the Telangana State Industrial Infrastructure Corporation.