Telangana emerges as leading startup State, says KTR

BRS working president KT Rama Rao said businesses and chartered accountants play a key role in economic growth and revenue generation. Speaking at an ICAI convocation in Hyderabad, he highlighted Telangana’s startup success and urged professionals to embrace Artificial Intelligence and emerging technologies.

Hyderabad: Bharat Rashtra Samithi (BRS) working president KT Rama Rao said flourishing businesses and commercial activity play a crucial role in generating revenue for both individuals and governments besides also supporting welfare and development programmes.

He was speaking as the chief guest at the convocation ceremony organised by the Institute of Chartered Accountants of India here on Saturday.

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Addressing the gathering, Rama Rao said chartered accountants contribute significantly to the economy through their services and by helping governments generate revenue. He said their work indirectly brings transformative changes in people’s lives.

He noted that India had witnessed a sharp rise in businesses and startups in recent years, with many youngsters moving towards entrepreneurship and self-employment.

According to him, such entrepreneurs require financial guidance and professional support from chartered accountants. The role of CAs would become even more important in the future growth of business, commerce and the national economy, he said.

“Telangana has emerged as one of the country’s most successful startup ecosystems,” Rama Rao said. He stated that between 2014 and 2023, the State’s Own Tax Revenue registered a growth of more than 37 percent, which he described as the highest among Indian States.

He further stated that the State’s overall revenue growth had increased from around 14 percent to 24 percent during the same period.

The BRS working president also said Telangana’s per capita income, which stood at around Rs.94,000 before the State formation, had crossed Rs.3 lakh by 2023. Telangana had overtaken larger States such as Gujarat, Maharashtra, Tamil Nadu and Karnataka in per capita income, he stressed.

He advised chartered accountants to focus on emerging technologies and Artificial Intelligence and explore ways to integrate them into professional practice.