Promoting Hyderabad as global investment destination: Revanth Reddy

Hyderabad, July 3 (IANS) Telangana Chief Minister A Revanth Reddy said on Thursday that the state government is working to promote Hyderabad as a global investment destination and make Telangana a hub of the manufacturing sector.

He said the plans to build Bharat Future City on 30,000 acres in Maheshwaram of Rangareddy district near Hyderabad are part of the efforts to enable Hyderabad to compete with top cities in the world.

The Chief Minister was speaking at the inauguration of Malabar Gold’s Gems and Jewellery manufacturing unit at IP General Park in Maheshwaram.

He stated that Bharat Future City is being developed as the fourth city in Hyderabad. He said that while Qutub Shahi kings laid the foundation of Hyderabad and Nizams developed Hyderabad and Secunderabad, former chief ministers N. Chandrababu Naidu and Y. S. Rajasekhara Reddy built Cyberabad as the third city.

“Now the Congress government is developing Bharat Future City as the fourth city. It will be the best city which can compete with other countries,” he said.

He believes that Hyderabad has the capability and its people have the talent and skills to compete with New York, Singapore and Tokyo.

He announced that the government will release the "TelanganaRising 2047" vision document on December 9. This document is aimed at preparing Telangana for competing with the world, he said, adding that it has been prepared to meet the requirements of the state for the next 100 years.

He mentioned that consultants from Singapore and other countries were working to make plans for Future City.

Revanth Reddy stated that the state government's main objective is not only to attract investments but also to help investors earn profits. He assured all support and incentives to the investors, saying Telangana means business.

The Chief Minister said his government was continuing the industrial and investment policies formulated and pursued by the previous governments during the last 30 years.

Industry Minister D. Sridhar Babu stated that Telangana’s secondary sector, including manufacturing and construction, grew by 9.6 per cent during the last two years, outpacing the national growth rate of 8.3 per cent.

Gross Value Added (GVA) increased from Rs. 1.34 lakh crore to 1.46 lakh crore at an annual growth rate of 9 per cent.

Stating that manufacturing contributes 19.5 per cent to Telangana’s GSDP, he said the government was encouraging the manufacturing sector by developing the ecosystem.

The minister said manufacturing exports from Telangana crossed Rs. 1.2 lakh crore last year.

He also claimed that Telangana’s single-window system for industrial clearances has become the national benchmark. A total of 4,200 proposals were cleared through the single window system. He said 98 per cent of these proposals were cleared in 15 days.

Sridhar Babu said the state government was now planning to integrate Artificial Intelligence into the single window system.

--IANS

ms/dan