Hyderabad, Nov 29 (IANS): Telangana, under its new industrial policy, has given approvals to 5,469 industrial units with a total investment of $17.5 billion during the last three years, said Telanagana Chief Minister K. Chandrasekhar Rao.

Addressing the inaugural session of Global Entrepreneurship Summit (GES) on Tuesday, he said these approvals created over four 400,000 jobs.

He said under this policy which is called TS-iPASS, it is mandatory by law that all approvals have to be given within 15 days.A

"The unique feature of this Policy is that in case the approval does not come in 15 days, it is deemed to be given," he said.

Rao said Telangana has been ranked as the No. 1 state in the country in Ease of Doing Business Rankings, brought out by the Indian government and the World Bank jointly.

Telangana has now become a favoured destination for both international and domestic investors, he claimed.

The Chief Minister said Hyderabad has the second largest presence of five most-valuable companies in the world outside their own headquarters in the US - Apple, Google, Microsoft, Facebook and Amazon.

Stating that the state is encouraging young entrepreneurs, he said Hyderabad hosts India's largest technology incubator called T-Hub, which is now recognized as a role model by the Niti Aayog.