IT and Industries Minister D. Sridhar Babu with AMCHAM leaders at the event in Hyderabad.
Telangana’s strategic initiatives, pro-business environment and focus on innovation have attracted investments, fostered talent and nurtured startups thus helping consolidate the State’s position as a preferred destination for global tech companies, IT and Industries Minister D. Sridhar Babu said.
The IT sector in the State in 2024 saw substantial growth, driven by an emphasis on emerging technologies, robust startup ecosystem and cybersecurity advancements. The State saw a rise in Artificial Intelligence (AI), Internet of Things (IoT) and blockchain initiatives. AI, in particular, flourished with the support of startup incubator T-Hub, while IoT found applications across agriculture, smart cities and manufacturing. Blockchain initiatives targeted sectors like supply chain and healthcare, the Minister’s office on Monday said on his participation at the AMCHAM India Hyderabad Chapter event Tech-Scape Telangana.
With new ventures in fintech, healthcare and education attracting enhanced interest from angel investors and venture capital firms, the startups continued to grow with some gaining international recognition underscoring the State’s global potential. Cybersecurity also became a priority, with new startups addressing emerging threats alongside government measures to enhance data protection and raise cybersecurity awareness.
Key achievements for Telangana’s IT sector include strong export growth, surpassing the national average and significant job creation, contributing to the State’s economic growth. Domestic and international investments also surged, bolstered by government initiatives like T-Hub, which supports startups and entrepreneurs, the Minister’s office said.
Telangana is positioning itself as a leader in AI with the proposed development of a 200-acre AI City near Hyderabad that will serve as a hub for AI research and innovation. Partnerships with global tech majors like Microsoft and NVIDIA are set to help train thousands of students, workers and government officials in AI, cybersecurity and digital skills. The State’s continued collaboration with industry leaders could further cement its status as a technology powerhouse, with the potential to become India’s AI Capital. The State government is actively encouraging businesses to expand in Telangana, offering support and a favourable environment for innovation, Mr. Sridhar Babu’s office said.
Published – September 30, 2024 09:31 pm IST