Telangana becomes role model due to out-of-box thinking: KTR at BFSI consortium inaugural

HYDERABAD: HYDERABAD: “To make India a superpower, we need to focus on three 'I's: Innovation, Infrastructure, and Inclusive Growth,” said IT and Industries Minister KT Rama Rao on Wednesday at T-hub.

KTR launched the logo of Banking, Financial Services and Insurance(BFSI) Consortium on Wednesday.

KTR emphasised the importance of developing an innovation ecosystem for future generations and making India a first-world nation by 2047 through the three 'I' mantra.

KTR said, "Telangana is a leading state in ease of doing business only because we started thinking outside the box. I remember this very famous saying of American President John F. Kennedy where he had said that the good highways in America were not because it was a rich country, but America became affluent because of its good highways. This demonstrates that infrastructure is something we cannot compromise on. That is why Infrastructure has been a top priority for us and we focused on infrastructure.

"Our government tells sarpanchs, councillors, and panchayat secretaries that if you cannot save your 85 percent saplings, your job is at risk. The Telangana Government has enacted a one-of-a-kind initiative known as the Telangana State Industrial Project Approval and Self-Certification System (TS-iPASS) to expedite the processing of applications for the issuance of various clearances required for the establishment of industries at a single point based on self-certification provided by entrepreneurs in order to create an investor-friendly environment in the State," said KTR.

KTR recalled what he had proposed in a meeting with the Prime Minister of India a few years ago saying, "The Prime Minister of India has called for a meeting in Delhi with all parties to seek our opinion on the occasion of 75th Independence Day. In the meeting, I was asked what should be done to make India a first-world country. I just advised that if India truly wanted to grow, we needed to focus on three 'I's: Innovation, Infrastructure, and Inclusive Growth.

"When the new Telangana state was formed in 2014, our total jobs in technology in Telangana alone were about 3,23,000, and today those numbers have grown exponentially from 3,23,000 to 9,05,000 jobs, representing a nearly 300 percent increase in direct jobs. Our IT exports have also increased dramatically, with a 31.44 percent increase in IT and IT-enabled services exports in 2022-23. When the new State was formed in 2014, the IT exports from Hyderabad was Rs 57,258 crore. Telangana, which has just entered its 10th year, has recorded Rs 2.41 lakh crore in IT exports in 2022-23, " he said.

"We have surpassed Bangalore in terms of job creation for the second year in a row. Last year, Hyderabad provided 33 percent of all jobs created in India; this year, it provides 44 percent of all jobs created in India.

"That is insufficient because Bangalore is doing many other things, which is why we need to work on building new companies and innovations here as well," KTR said.

The BFSI Consortium, via its strategic approach and combined efforts, is poised to create innovation, transformation, and sustainable growth in Telangana's financial services sector, bolstering the State's position as a premier destination for BFSI enterprises.

The Minister encouraged the BFSI Consortium to collaborate with educational institutions and the government for disruptive ideas and innovative solutions.

Mentioning that upskilling, reskilling, and fostering a collaborative environment were essential, the Minister recommended involving more women and youngsters from all walks of life in their initiatives.