London, May 12 (PTI) Telangana IT and Industries Minister K.T. Rama Rao on Friday announced a new pact with the London Stock Exchange Group (LSEG) for the establishment of a Technology Centre of Excellence in the state capital of Hyderabad, generating employment opportunities and innovation tie-ups.
The announcement was made after the minister, who is on a short visit to the UK, met with LSEG CIO Anthony McCarthy and a memorandum of understanding (MoU) was signed by the state government officials.
“We have just entered into an MoU with the London Stock Exchange for an innovation centre, with potential employment for 1,000 people,” Rao told reporters after the meeting.
Earlier, he addressed a roundtable discussion organised by the Indian High Commission in London to showcase the many strengths of the state – which the minister dubbed the most successful start-up state of India.
“I call my state the most successful start-up state of India. The reason why I say this is because in start-up parlance, when somebody achieves a certain something you will be looked at as a successful institution. In the case of Telangana, we will be completing nine years as a new state on June 2,” said Rao.
“So within a very short span of less than nine years, Telangana today has delivered so many things, which are truly remarkable… we're only two and a half per cent as a state in terms of population within the country, but we contribute to 5 per cent of India's GDP. So, we're literally punching double our weight,” he said.
The minister highlighted the state’s strengths as the production hub for one-third of the world’s vaccine production and as an entrenched player in the life sciences industry.
“And last year out of the 450,000 jobs in technology that were created in India, 150,000 were in Telangana and 146,000 were in Bangalore. So that goes to show that Hyderabad is a fast mover, fast learner, and it is growing rapidly, more rapidly than any other state in India in technology,” he added.
During the roundtable discussions at India House in London, the minister’s presentation similarly emphasised that Telangana's economy is growing at a brisk pace, backed by rapid industrialisation and improvement in green cover.
Rao highlighted Telangana's progressive industrial policy and revolutionary single window system, TS-iPASS, which is claimed to streamline investment processes and reduce bureaucratic red tape.
The state's robust ecosystem for electronics, aerospace and defence, food processing, mobility, and textiles sectors were also showcased during the presentation to pitch the southern Indian state as an ideal investment hub for UK companies. Academic collaborations with King's College London and Cranfield University were highlighted as a sign of more to come in the UK-Telangana corridor.
During his address, Indian High Commissioner to the UK Vikram K. Doraiswami praised Hyderabad for its world-class infrastructure and multicultural environment, making it a perfect destination for global investors.
Among those accompanying the minister on the UK visit include Jayesh Ranjan, Principal Secretary of IT and Industries Departments, and E. Vishnu Vardhan Reddy, Special Secretary, Investment Promotion & NRI Affairs.