KTR emphasises on focusing on three ‘I’ mantra for India’s progress

Underlining the growth of Telangana's technology sector, the IT and Industries Minister revealed that the IT jobs in the State have increased nearly threefold, from 3.23 lakh to 9.05 lakh since the formation of Telangana in 2014.

Hyderabad: IT and Industries Minister KT Rama Rao stressed the significance of focusing on three ‘I’s – Innovation, Infrastructure, and Inclusive Growth – to transform India into a first-world nation by 2047. He cited Telangana’s remarkable progress in ease of doing business, attributing it to thinking outside the box and prioritising infrastructure development.

The Minister launched the Banking, Financial Services, and Insurance (BFSI) Consortium and unveiled its logo at T-Hub here on Wednesday.

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Speaking on the occasion, Rama Rao explained how the Telangana State Industrial Project Approval and Self-Certification System (TS-iPASS), was expediting clearance procedures for industries by adopting a self-certification approach. This initiative aims to create an investor-friendly environment within the State.

Underlining the growth of Telangana’s technology sector, the IT and Industries Minister revealed that the IT jobs in the State have increased nearly threefold, from 3.23 lakh to 9.05 lakh since the formation of Telangana in 2014. “We have surpassed Bengaluru in terms of job creation for the second year in a row. Hyderabad provided 33 percent of all jobs created in India last year and 44 percent this year. We need to work on building new companies and innovations here as well,” he added.

Further, the IT exports from Hyderabad have witnessed a substantial surge from Rs 57,258 crore in 2014-15 and reached Rs 2.41 lakh crore in 2022-23.

Rama Rao expressed confidence in the BFSI’s capability to foster innovation, transformation, and sustainable growth in Telangana’s financial services sector, solidifying the State’s position as a prime destination for BFSI enterprises. He ecnouraged the consortium to collaborate with educational institutions and the State government for disruptive ideas and innovative solutions. He emphasised the need of upskilling, reskilling, and inclusivity as well as suggested them to involve more women and youngsters from diverse backgrounds in their lives.