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The recent World Economic Forum in Davos witnessed a remarkable surge in investment commitments for Telangana, significantly exceeding previous years. This influx of Memoranda of Understanding (MoUs), totaling a staggering Rs 1,78,950 crore, represents a substantial leap from Rs 40,000 crore in 2024 and pales in comparison to previous years' figures of Rs 19,900 crore in 2023 and a mere Rs 4,128 crore in 2022. This unprecedented success underscores a positive global perception of Telangana's economic climate under the Congress government, reflecting a growing confidence in its governance and policies. The significant job creation potential, estimated at 49,550 jobs, further solidifies the economic promise of these investments. Major IT players, including HCL, Infosys, and Wipro, have pledged to create thousands of jobs in Hyderabad alone, further bolstering the city's status as a technological hub. The diverse range of sectors attracting investment – IT & data centers, pharmaceuticals, renewable energy, aviation, defense, manufacturing, and food processing – highlights the breadth and depth of Telangana's economic strategy.
This economic boom can be attributed to the success of the Telangana Development Model, a key component of the Congress party's 2023 election manifesto. The model hinges on three core pillars: Innovation and Inclusion, Harnessing Hyderabad, and Prepare and Plan. The ‘Innovation and Inclusion’ strategy focuses on fostering growth in emerging sectors, supporting nascent industries, and prioritizing job creation across various educational backgrounds and skill sets. This approach stands in stark contrast to what the author describes as the “narrow and aggressively exclusivist politics of the Right,” positioning the Congress party’s inclusive agenda as a more appealing alternative on the global stage. The author suggests that this model, focusing on development with a ‘human face,’ is not only socially beneficial but also essential for a thriving market. Furthermore, the author argues that in the context of evolving global policy realignments, particularly post-US election shifts, this inclusive model offers India a strategic advantage, and Telangana is positioned to lead the nation in this direction.
The ‘Harnessing Hyderabad’ pillar leverages the city’s existing strengths as a powerhouse of business, talent, and resources. Hyderabad’s reputation for innovation and its vibrant human capital, characterized by unmatched intellect and work culture, have propelled it onto the world stage. The state government’s focus on AI and the development of a ‘Future City’ will further solidify Hyderabad’s role as a national and global leader in technology and innovation. The existing strength of sectors like IT, pharmaceuticals, and biotechnology also contributes significantly to the city's and state's economic success. The growth of a thriving middle class in Hyderabad is also highlighted as contributing to its high Gross District Domestic Product (GDPD), second only to Rangareddy. This economic dynamism, in turn, contributes to Telangana’s impressive GDP growth rate of 9.2 percent, surpassing the national average of 8.2 percent.
The ‘Prepare and Plan’ pillar underscores the importance of forward-thinking and strategic planning. This is exemplified by the planned ‘Future City,’ a sprawling 10,000-acre development approximately 50 kilometers from Hyderabad. Designed as a Net Zero Carbon city, the Future City will serve as a hub for AI, IT, sports, and other key sectors. This forward planning mirrors the chief minister's focus on zoned development around Hyderabad's Ring Roads network, strategically connecting rural areas to urban centers. The author emphasizes the historical context of Congress party's commitment to inclusive growth and social justice, drawing parallels to the strong economic foundations laid during the tenure of former Prime Minister Dr. Manmohan Singh. The author argues that this commitment to fairness and equality is not merely a social ideal, but a crucial catalyst for sustainable economic progress. The author concludes by presenting Telangana as a model for stable, inclusive leadership that can bring prosperity to all segments of society, solidifying the state's reputation as a trendsetter in economic development.
Source: Opinion: Telangana In Davos And Congress' New Economic Vision