Telangana is front runner in attracting global investments: Harish Rao

Hyderabad: Telangana is a front runner in attracting investments and there was steady flow of investments into the State due to good and stable governance and an excellent law and order situation, Finance minister T Harish Rao maintained in his budget speech here on Monday. The TS-iPASS Act, enacted in November 2015 has led to […]

Hyderabad: Telangana is a front runner in attracting investments and there was steady flow of investments into the State due to good and stable governance and an excellent law and order situation, Finance minister T Harish Rao maintained in his budget speech here on Monday.

The TS-iPASS Act, enacted in November 2015 has led to clearances being given to 17,921 industries, out of which 13,631 industries commenced their activities, providing employment to 8.17 lakh people with an investment of Rs 1.07 lakh crores. Another 4,982 industries are going to commence their operations shortly. The Government’s Electric Vehicles policy attracted investments worth Rs 10,000 crore and it is expected create 29,000 jobs.

---

On the IT industry success, he said there were more than 1,500 small and big IT companies in Hyderabad. Major companies such as Microsoft, Google, Apple, IBM, Amazon, Oracle, and Cognizant have their offices and conduct business out of Hyderabad. In all, the employment which stood at 3.23 lakh people in 2014 increased to 6.29 lakh employees now. Despite the impact of the pandemic the IT exports clocked a growth of 12.98 per cent with total exports being valued at Rs 1,45,522 crores in 2021.

The Government set up a Centre of Excellence in artificial intelligence in association with Nasscom to make Hyderabad a major hub in this emerging technology. To improve the services of the government, technology was being used extensively for varied use cases. As part of this, a pilot project is in progress to supply medicines to remote areas through drones.

The government backed startup incubator T-Hub, which was started with a slogan of “come with an idea and go back with an innovation” has become a big boon for startups. Similarly, the State government has started WE Hub exclusively to nurture women startups and entrepreneurs. Rao emphasized, today Telangana is a role model in the IT development sector. Three out of 10 jobs created in the IT sector in India are in the State. In the good governance index published by the Department of Administrative reforms of Government of India, Telangana topped in the industry and commerce sector.

TS-iPASS: 17,921 industries cleared, 13,631 industries already set up with an investment of Rs 11.07 lakh crore

EV policy attracked Rs 10,000 crore investments.
6.29 lakh employed in IT sector as against 3.23 lakh in 2014

IT exports clocked 12.98 per cent growth despite pandemic Value stands at Rs 1,45,522 crore in 2021
8.17 lakh people employed

---

Now you can get handpicked stories from Telangana Today on Telegram everyday. Click the link to subscribe.

Click to follow Telangana Today Facebook page and Twitter .

---