As many as 42,000 direct jobs and many more indirect employment opportunities will be created in Telangana from the projects a clutch of companies have proposed in the State during the visit of Industries and IT Minister K.T.Rama Rao to the U.S. and U.K.
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From banking, financial services and insurance (BFSI), emerging technologies, IT and ITES, media and entertainment, aerospace and defence, life sciences, medical devices, digital solutions, innovation and data centre, automotive to electric mobility, the investment proposals span various sectors. It reaffirms Telangana’s position as a global investment hotspot, the Minister’s office said in a release on Thursday.
Mr. Rao, who was accompanied by senior officials during the trip, held more than 80 business meetings, attended five sector-specific roundtable meetings and addressed two conferences. The meetings, many of which attracted several big-ticket investments, were held in London and New York, Washington DC, Houston, Henderson and Boston.
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The proposed investments as well as prospective collaborations will create around 42,000 direct jobs and each job has a potential to create 3 or 4 indirect jobs. Global companies which announced investment and expansion plans include media powerhouse Warner Bros, Discovery, healthcare technology leader Medtronic; world’s largest asset management company State Street; Bain Capital-owned VXI Global Solutions; and the London Stock Exchange Group.
Other big announcements included setting up of facilities, primarily technology development centres, by DAZN, a global leader in sports live streaming; Technip FMC, a French American oil and gas giant; AlliantGroup, a global consulting and financial firm; as well as StemCures, a specialist in stem cell therapy, which had proposed a manufacturing lab. B2B2C travel marketplace and technology innovation company Mondee; and product engineering and solutions company ZapCom Group were others who unveiled plans.
Highlighting the State’s progressive industrial policies, rapid growth of the economy and the thriving innovation ecosystem, the Minister said Telangana has become a preferred investment destination. He underscored the emphasis on spreading the Information technology sector growth across Telangana. In a big boost to the focus, several companies have come forward to invest in tier-II cities following meeting with the Minister. He met Indian origin CEOs of more than 30 companies and and explained measures taken by the State government and encouraged the companies to consider launching operations in tier-II cities. Sonata Software has deciding to expand to Nalgonda by adding 200 jobs, at the upcoming IT Tower there, while 3M-ECLAT is setting up operations centre in Karimnagar. Rite Software has evinced interest to expand operations to Warangal in near future.
The investments secured and the staggering 42,000 jobs they will create stand as a testament to the progress achieved under the leadership of Chief Minister K. Chandrasekhar Rao and come at a time when Telangana is gearing up to launch the State formation decennial celebrations, the Minister said, thanking all concerned for making the trip a big success.