(MENAFN- IANS) Hyderabad, June 6 (IANS) Telangana has undertaken massive infrastructure development projects to compete globally and attract investments, state Industries and Commerce Minister K.T. Rama Rao said on Tuesday.
The initiatives include the construction of the Kakatiya Mega Textile Park, the largest textile park in India, and Hyderabad Pharma City, which is poised to become the world's largest pharma cluster, he noted.
Telangana has also made significant strides in the pharma sector, with the establishment of the largest medical devices park in Sultanpur and the presence of the world's largest stent manufacturing unit, he added.
KTR, as the minister is popularly known, was addressing an event to mark the Telangana Parishramika Pragathi Dhinotsavam or industrial development day as part of decennial celebrations of Telangana state formation.
He proudly proclaimed Hyderabad as the vaccine capital of the world, with over half of the world's vaccines projected to be manufactured in the city by next year.
The recently-launched Telangana Mobility Valley, similar to the success of Genome Valley in the life sciences sector, has garnered an excellent response from the industrial community and is expected to contribute significantly to the state's progress in the automobile industry, he said.
The minister launched the annual report 2022-23 of the Industries and Commerce Department, and the decennial report of Handlooms & Textiles Department. KTR also felicitated prominent industrialists, and outstanding employees from the Industries Department, IT,E&C Department, and the Textiles Department.
KTR emphasised the government's commitment to attracting domestic and international investments while creating employment opportunities.
He announced Telangana's outstanding achievements in terms of per capita income and Gross State Domestic Product (GSDP). Telangana currently holds the highest per capita income in the country, amounting to Rs 3.17 lakh, demonstrating the state's economic strength. Additionally, Telangana's GSDP has soared from Rs 5 lakh crore in 2014 to an impressive Rs 13.27 lakh crore today, indicating significant industrial growth.
He emphasised the exceptional progress in the IT sector, with IT exports increasing from Rs 57,000 crore in 2014 to Rs 2.40 lakh crore in 2022-23. The state's progress extends across various sectors, including agriculture, ensuring inclusivity and benefiting all segments of society, from rural to urban areas, and from the poor to the rich.
He applauded the substantial growth of the IT sector, which has nearly tripled its workforce from 3.23 lakh employees to 9.5 lakh presently. Telangana's industrial advancements have not only strengthened the state's economy but also stimulated other sectors, including real estate, he said.
KTR stated that the Telangana model is characterised by holistic, integrated, inclusive, and balanced development, with the aim of achieving economic, social, and industrial progress in harmony. He reiterated the state government's commitment to innovation, exemplified by the establishment of T-Hub, the largest technology hub and workspace in the country.
Expressing pride as both a Minister and a citizen, he acknowledged the exceptional progress achieved by Telangana in the industrial sector. He commended the state's pioneering projects, such as the world's largest lift irrigation project, Kaleshwaram, and Mission Bhagiratha, which provides drinking water to households.
Telangana has consistently been at the forefront in fields like education, medicine, irrigation, drinking water, and the environment, receiving numerous national awards and international accolades for its achievements, he said, urging the people of the state to reflect on the significant improvements achieved since 2014 in areas such as drinking water, irrigation, education, and electricity supply. He encouraged a fair assessment of Telangana's progress and expressed optimism for a bright future.
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