IT Minister reassures govt support to start-ups

Hyderabad: Reassuring about the State government’s supportive policy towards the new startups, IT and Industry Minister D Sridhar Babu emphasised that the government is ready for collaboration and encouraging new business ideas.

Addressing the gathering at the Business Summit organised by Hmtv and The Hans India in City, the Minister underscored the State’s potential for innovative business ideas and affirmed that the State government continues to encourage the startups. “There is a lot of grey matter and the government is ready for collaboration and support.

Ideas shared in the conference could be shared to imbibe and adopt and will be taken forward as part of the Industrial Policy,” he assured.

Highlighting the potential of Artificial Intelligence (AI), Sridhar Babu held that Telangana will be the global capital given the resources and expertise the State has. He welcomed the ideas from the experts and assured that their support will be taken for the upcoming AI City where innovation, startups, R&D and product campus would be set up. “Since India has 140 crore population, all the companies are vying to set up their centres here. I believe growth will be here and Hyderabad and Telagnana will be transformed into global capital,” the Minister asserted.

He reiterated the State government’s vision of achieving a $5 trillion economy by 2047 and welcomed the opinions from the experts present at the event. He emphasised that when the nation would be achieving a $5 trillion economy the lion’s share contribution would be from Telangana. “Good ideas are welcome in trade and commerce and towards increasing exports from the State,” he explained.

The Minister urged the industrialists and businessmen present at Business Summit to help farmers in supply chain management, food processing so that the farming industry grows and income of farmers increases in the long term.

Banking and financial expert K Narasimha Murthy while welcoming the State government’s initiatives urged the Minister to appreciate the new startups. Backing the idea JA Chowdary, the founder of International Startup Foundation emphasised that the City of Hyderabad has the potential of transforming into a multi-trillion economy were ready to invest in India and Telangana can tap the resources which needs government’s proactive support for startups.

Credai president V Rajasekhar Reddy who highlighted the importance of green buildings urged the Minister to offer more concessions towards helping construct sustainable housing.

He felt that incentives like 10% concession on property tax would help in encouraging infra companies to adopt green policy. He brushed aside the claims of stagnation in the real estate industry in the State as mere rumours and held that the reality sector is propelled by the growing IT industry.