Hyderabad: State Government to Boost Startups and Innovation
The IT and Industry Minister of Telangana, D. Sridhar Babu, reassured the public about the State government’s commitment to supporting startups. Speaking at the Business Summit organized by HMTV and The Hans India in Hyderabad, he emphasized the government’s readiness to collaborate and encourage new business ideas.
The Minister highlighted Telangana’s potential for innovation and assured that the government would adopt ideas presented during the conference as part of its industrial policy. “There is a lot of talent here, and the government is willing to support and collaborate with startups,” he stated.
Telangana as a Global AI Hub
Discussing the future of Artificial Intelligence (AI), Sridhar Babu expressed confidence that Telangana could become a global hub for AI due to its strong resources and expertise. He invited experts to contribute ideas for the development of the upcoming AI City, which will include facilities for innovation, startups, research and development (R&D), and product creation. “With India’s large population of 140 crore, global companies are eager to set up their centers here. Hyderabad and Telangana will transform into global capitals of innovation and growth,” he added.
Vision for Economic Growth
The Minister reiterated the State government’s goal of contributing significantly to India’s vision of achieving a $5 trillion economy by 2047. He predicted that Telangana would play a major role in this journey. Encouraging inputs from experts, he welcomed innovative ideas in trade, commerce, and exports to further enhance the State’s economy. “Good ideas can help us increase our exports and boost economic growth,” he said.
Support for Farmers
Sridhar Babu also urged industrialists and business leaders at the event to assist farmers. He suggested focusing on supply chain management and food processing industries to help improve the agricultural sector and increase farmers’ incomes in the long term.
Voices from Experts and Industry Leaders
During the summit, banking and financial expert K. Narasimha Murthy praised the government’s initiatives and called for more recognition of new startups. J.A. Chowdary, founder of the International Startup Foundation, emphasized Hyderabad’s potential to become a multi-trillion-dollar economy. He stressed the need for proactive government support to help startups tap into available resources.
Credai President V. Rajasekhar Reddy, speaking on sustainable development, urged the government to provide incentives for constructing environmentally friendly buildings. He suggested a 10% concession on property tax to encourage infrastructure companies to adopt green policies. Dismissing concerns about stagnation in the real estate industry, Reddy pointed to the growth of the IT sector as a driving force for the real estate market in Telangana.
The Business Summit highlighted Telangana’s ambitions to lead in innovation, economic growth, and sustainability, with active collaboration between the government, industry leaders, and startups.
