TS govt out to shore up domestic, global investments to generate more jobs: KTR

Hyderabad: The ‘Telangana Parishramika Pragathi Dhinotsavam’ (Industrial Growth Day), organised by the State Industries Department at T Hub on Tuesday, received a remarkable response. State Industries and Commerce Minister KT Rama Rao underscored the government’s unwavering commitment to attracting both domestic and international investments, while simultaneously generating employment opportunities.

Emphasising the impressive industrial growth in Telangana, the minister unveiled the Annual Report 2022-23 of the Industries and Commerce department, as well as a decade report of the Handlooms and Textiles department. He also felicitated distinguished industrialists and outstanding employees from the Industries Department, IT, E&C Department, and the Textiles Department.

KTR proudly highlighted Telangana’s extraordinary achievements in terms of per capita income and Gross State Domestic Product (GSDP). The State currently boasts the highest per capita income in the country, standing at Rs 3.17 lakh, a testament to its economic prowess. Additionally, Telangana’s GSDP has skyrocketed from Rs 5 lakh crore in 2014 to an impressive Rs 13.27 lakh crore today, signifying substantial industrial growth.

He further lauded the exceptional progress in the IT sector, with IT exports surging from Rs 57,000 crore in 2014 to Rs 2.40 lakh crore in 2022-23. Telangana's progress extends across various sectors, including agriculture, ensuring inclusivity and benefiting all strata of society, from rural to urban areas, and from the underprivileged to the affluent.

The Minister highlighted the Telangana model, characterised by holistic, integrated, inclusive, and balanced development, with the aim of achieving economic, social, and industrial progress in harmony. He reiterated the State government’s unwavering dedication to innovation, exemplified by the establishment of T-Hub, the largest technology hub and workspace in the country.

KTR proudly proclaimed Hyderabad as the vaccine capital of the world, with over half of the world’s vaccines projected to be manufactured in the city by the next year.

The recently launched Telangana Mobility Valley, following the success of Genome Valley in the life sciences sector, has garnered an excellent response from the industrial community and is expected to make significant contributions to the state's progress in the automobile industry.

The Minister applauded the substantial growth of the IT sector, which has nearly tripled its workforce from 3.23 lakh employees to 9.5 lakh at present. Telangana’s industrial advancements have not only bolstered the State’s economy but also stimulated other sectors, including real estate. Secretary to IT and Industry, Jayesh Ranjan, and other top officials were also in attendance.