Minister for Information Technology (IT) and Panchayat Raj (PR) K.T. Rama Rao has requested the captains of financial services sector to make Hyderabad as the second financial capital of the country and financial capital of South India.
Delivering the inaugural address at the ‘Synergies for bolstering development in South India’, organised as part of the financial sector conclave FINSEC-2014, he said: “Hyderabad has all the ingredients and potential to be the financial capital of South India. Over 23 per cent contribution of GDP is from South India. The fact that Hyderabad houses servers of the world’s leading financial services companies is the testimony of its potential”.
Besides, Hyderabad had already earned reputation for its vertical growth in the information technology (IT), pharmaceutical and biotechnology (BT)/seed sectors, the minister noted.
Explaining the Telangana government’s bottoms up approach for development, the Minister said they had taken up planning and budgeting from village level with ‘ Mana ooru, mana pranalika ’ (our village, our plan) as part of the exercise to prepare budget estimates for 2014-15. The budget was likely to be introduced in the Assembly either in the last week of August or first week of September.
On the micro finance institutions, the Minister said the government had to regulate their functioning following the adverse impact of its approach to financial inclusion.
Managing Director of ICRA Management Consulting Services Ltd (IMaCS) R. Raghuttama Rao, said with 19 per cent geographical area, South India was creating 30 per cent employment potential in the country and consuming/delivering 30 per cent of financial services products. Chairman and Managing Director of Canara Bank R.K. Dubey and top executives of several financial services companies participated at the meet held by Federation of Indian Chambers of Commerce and Industry (FICCI).
