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HyderabadTelangana to establish Rs 1,300 cr start-up fund

Telangana to establish Rs 1,300 cr start-up fund

Published: 16th Sep 2021 8:04 pm

Hyderabad: IT and Industries Minister K T Rama Rao on Thursday announced that the State government would set up over 12,000 Digital Telangana Centres at Gram Panchayat level to provide digital services to citizens even in remote locations. “Basic Artificial Intelligence training will be provided to all technology graduates to prepared them for the next wave of employment creation in new technologies,” the Minister said.

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The Minister, unveiling the second five-year Information Communication Technology Policy at a function here, said the State will establish a start-up fund worth Rs 1,300 crores and a Government Investment Committee with a goal to support over 8,000 startups that would make Telangana the top choice for start-ups.

Stating that the government will give special focus on electric vehicles, battery storage systems, consumer electronics, medical devices and automobile sectors, he said the State aimed to attract over Rs 75,000 crore in investment and over 3 lakh jobs in the electronics and allied fields.

“Telangana is one of the youngest and one of the fastest growing States in the country. The Gross State Domestic Product (GSDP) during 2020-21 was Rs 9.78 lakh crore. The growth rate dropped by 1.2 per cent at constant prices (2011-12) due to the Covid pandemic but was still significantly better than the country’s projected GDP contraction at 8 per cent,” he said.

Pointing out Telangana’s contribution to the national GDP had gone up by 26 basis point to 5.0 per cent in 2020-21 against 4.74 per cent in 2019-20, Rama Rao said the State also witnessed some improvement in per capita income. In 2020-21, the State recorded a per capita income of Rs 2,27,145 compared to the national average of Rs1,27,768.

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