Hyderabad: IT and Industries K T Rama Rao has declared that the next million jobs would be generated by the next wave of industries emanating from the start-up ecosystem in the country, and not by the Fortune 500 companies.
The Minister’s categorical observation came at an interactive session hosted by TV 18 news channel in which top industrialists and government officials participated in Davos on Tuesday.
“The way innovation as an ecosystem is emerging is very promising, and we have had some brilliant unicorns coming up even in the unlikeliest of locations in India,” Rama Rao said, adding that both the Centre and the Telangana government would look to leverage this aspect.
India: The Investment & Innovation Nation, a special panel hosted by @ShereenBhan at #wef20 featuring Telangana IT & Industries Minister @MinisterKTR & India Inc #wef20 @TelanganaCMO #CNBCTV18AtDavos https://t.co/SLpDssWpua
— CNBC-TV18 News (@CNBCTV18News) January 21, 2020
Stating that India was one of the most compelling business stories that the world had started to believe in and look at, the Minister, who is in Davos to participate in the World Economic Forum, said one of the huge advantages that the country enjoyed was the “engine room population” comprising 40 per cent of the country’s youth segment in the age group of 20 to 40 years. “This is a huge, huge advantage which India has that no other country possibly has at this point in time,” he said.
Rama Rao, appreciating the support extended by the Union government to the State administration, however, pointed out that the Centre could play a major role in infrastructure development. “From the State’s perspective, while the policy decisions are made in New Delhi, the action is in the States. While the States continues to lead in innovation, the Centre can come to the rescue of the States on infrastructure development,” he said.
The Telangana government, he said, has been focusing on three factors – Ease of Doing Business which has been consistently topping over the past five years, lowering the cost of doing business and improving the quality of doing business. “By this, I mean focus should be on the quality of talent, quality of human resources and quality of infrastructure,” he said.
Stating that he firmly believed in the 3 ‘I’s’ mantra – innovation, infrastructure and inclusive growth – Rama Rao said these three factors will help States emerge stronger, and stronger States automatically mean a stronger nation. “I had brought this to the notice of Prime Minister Narendra Modi too,” he added.