Hyderabad will now be known for gems, diamond manufacturing, says Revanth Reddy

Telangana Chief Minister inaugurates Malabar Group’s fully integrated gems and jewellery manufacturing unit at General Park in Maheswaram

Hyderabad: Assuring all support and incentives to investors, Chief Minister A Revanth Reddy said Hyderabad was known for IT, Pharma and would now be known for gems and diamond manufacturing as well.

He formally inaugurated the Malabar Group’s fully integrated gems and jewellery manufacturing unit at General Park, Maheswaram here on Thursday.

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The Malabar Group had envisioned its plans to set up the manufacturing unit in September 2021 with an investment of Rs.750 crore. Former Industries Minister KT Rama Rao had laid foundation for the unit in October 2022.

Addressing the gathering, the Chief Minister told the Malabar Group management that they had made the right choice of establishing the unit in Telangana, especially Hyderabad. Telugu people were highest purchasers of gold, followed by Tamil Nadu, Karnataka and Kerala, he stressed.

Industries Minister D Sridhar Babu said in FY 2023–24, Telangana’s secondary sector (comprising manufacturing, construction, electricity, gas, and water supply) recorded an impressive growth rate of 9.6 percent, well above the national average of 8.3 percent. The Gross Value Added (GVA) by Telangana’s manufacturing sector increased from Rs.1.34 lakh crore in 2022–23 to Rs.1.46 lakh crore in 2023–24, registering nine percent growth, he said.

The manufacturing sector accounts for 19.5 percent of Telangana’s GSDP, compared to the national average of just 17.7 percent, he said. Adding “I invite Malabar and other firms to explore setting up furniture manufacturing units in Telangana,”