WTC report released by Revanth Reddy acknowledges BRS achievements

The latest instance where the Congress government in the State had to indirectly acknowledge the BRS government’s efforts in developing the State since formation was during the recent AI Summit held in the city.

Hyderabad: The Congress might hate its political rival, the BRS, but the party’s government has no way out but to acknowledge the growth that Telangana, the country’s youngest State, achieved under the K Chandrashekhar Rao-led government in the last 10 years.

The latest instance where the Congress government in the State had to indirectly acknowledge the BRS government’s efforts in developing the State since formation was during the recent AI Summit held in the city. This happened when Chief Minister A Revanth Reddy released a report published by the World Trade Centre Shamshabad, a member of the international World Trade Centres Association (WTCA).

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The report, titled ‘Telangana’s Growth Story’ has people like WTCA chairman John E Drew and Executive Director Robin Van Puyenbroeck remarking that Telangana’s ‘impressive evolution from its formation to its emergence as a significant economic powerhouse in India’ was ‘a testament to the resilience, innovation and strategic vision of its people and leaders’.

Even while outlining Telangana’s journey towards becoming a USD1 trillion economy by 2036, the report states that Telangana’s strategic focus on sectors like Pharmaceuticals & Life Sciences, Global Capability Centres (GCCs), Information Technology (IT), and Agriculture & Food Processing was clear. All these were sectors that the previous BRS government placed high focus on.

“The State’s GCC market is thriving, with a strong talent pool and cost-effective real estate, making it an attractive destination for MNCs. The IT sector has always been a major contributor to the State’s economy, with robust infrastructure and a vibrant technology ethos. The Agriculture & Food Processing industry benefits from abundant raw materials, storage, and processing infrastructure. With nine agriculture universities and numerous R&D institutes, Telangana is nurturing local talent and innovation, particularly in dryland agriculture and food technology. The State is also rapidly emerging as a key player in India’s aerospace and defence sectors, attracting significant investment and promising thousands of jobs along with fostering startups and private sector investments into spacetech,” the report notes.

One of the most important sections in the report is the one on Telangana’s IT and ITES sector, led by BRS working president KT Rama Rao from 2014 to 2023. The report notes that in the last 10 years, the IT/ITES sector in the State witnessed rapid growth and going by the current growth rate, the IT exports are projected to grow to USD 52.5 billion by 2030 from the USD 29 billion in financial year 2022-23.

It says Telangana contributes 15 percent of the Indian IT exports as of 2024. Assuming the current rate of contribution continues through 2030, the State’s IT exports are projected to grow to USD 52.5 billion.

More realistically, considering Telangana’s rapid growth in the IT sector, the State may be able to achieve IT exports share of close to 18 percent amounting to USD 63 billion, the report says. In the nine years since the State came into existence, IT exports more than quadrupled at a compounded annual growth rate of 17.31 percent. IT sector exports account 72 percent of total exports from the State, the report notes.