Telangana to become Shenzhen of India, aims at $150 billion economy in electronics manufacturing

KT Rama Rao said the State had identified electronics manufacturing as a focus area and was aspiring to become the Shenzhen of India

Hyderabad: Calling the setting up of Foxconn Interconnect Technology’s (FIT) $500 million electronic manufacturing unit here a watershed moment in the history of Telangana, IT and Industries Minister KT Rama Rao said the State had identified electronics manufacturing as a focus area and was aspiring to become the Shenzhen of India.

Stating that Telangana would do in 20 years what China did in 30 years to help Shenzhen become the global centre for technology, research, manufacturing and so on, Rama Rao said Telangana was aiming to create a 1.5 million workforce and to create a 150 billion dollar economy just in electronics manufacturing in the next 10 years, apart from increasing its per capita income six times to reach $20,000 per capita by 2040.

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“We take ourselves seriously. We mean business, we mean progress and we are a forward looking State,” he said, listing out what differentiated Telangana from the rest.

Telangana’s speed too was a major factor, he said, recalling Foxconn Group Chairman Young Liu’s words earlier this year on how fast things moved in Telangana.

“Telangana shall live upto the reputation. The MoU between Telangana and Foxconn was signed on March 2 and in about 2.5 months, the ground breaking ceremony is taking place,” he said, adding that this showed the commitment of Telangana.

Foxconn was investing $500 million and the first phase of the project itself would create 25,000 direct jobs. FIT would also associate with the State government to set up a training centre as well to train the youth in acquiring the necessary skills to work in hi-tech manufacturing, he said.

He also assured unstinting support from the State government to Foxconn’s dream of making the project a reality in nine to 12 months.

“Hopefully, by this time next year, we will be inaugurating the new facility,” he said.

“I believe this is only the beginning of a very long term partnership between the Telangana government and FIT,” the Minister said. Pointing out that with India standing at the cusp of transformation that could create a sustainable electronic manufacturing ecosystem, he said Telangana and FIT together had the potential and lead the role in this transformation.

Over the last nine years, Telangana has been growing at a rapid pace. It has emerged as a preferred destination for investments and hi-tech manufacturing in India, he said.

The State ranks number two in the IT sector, with one out of every three jobs created in India in the last one year being from Telangana, he said.

“Under the leadership of Chief Minister K Chandrashekhar Rao, Telangana aspires to lead the way in driving India’s growth story and becoming an electronics manufacturing powerhouse,” Rama Rao added.

FIT Chairman and CEO Sidney Lu said it was an exciting day for FIT.

“This marks the beginning of a new critical start in our global expansion journey. This facility will serve as a hub for our manufacturing expansion plans. This new facility requires significant investment in FIT’s future,” said Sidney Lu, adding that the facility would enable FIT to serve its customers better, expand its capabilities and create new opportunities for its team members.

“I cannot wait to see more local talent to work with FIT,” he said.

“We also look forward to continuing the fruitful relationship with the State government in the future. This partnership will benefit FIT and our customers as we believe to raise the potential of Telangana and achieve our goal of global service,” he added.