Telangana registers threefold growth in investments
With the 2022-23 fiscal drawing to a close, official figures show that the investment during this period shot up to a staggering Rs.49,579.18 crore
Hyderabad: Telangana has once again proved to be the preferred investment destination in the country with investments in the State registering a stunning growth of almost three times in the last financial year.
In the financial year 2021-22, the State had recorded investments of Rs.18,893.28 crore. With the 2022-23 fiscal drawing to a close, official figures show that the investment during this period shot up to a staggering Rs.49,579.18 crore.
According to the TS-iPASS report for the last two financial years, 4,093 units were established in 2021-22. In the last financial year, the number of establishments, which set up their units in the State increased to 4,602. While the number of establishments were barely 600, the quantum of investments was much higher, resulting in a major jump of over Rs.30,000 crore.
Similarly, in tune with the increasing investments, employment opportunities too increased in the State. In 2021-22, the investments resulted in generating 1,01,035 employment opportunities while in 2022-23, this was 1,02,105.
Right from global corporate giants to leading domestic manufacturers, Telangana was the place to invest, with several marquee names making a beeline to the country’s youngest State.
In April 2022, IT Minister KT Rama Rao broke ground for Google’s largest campus outside of their headquarters in the United States. The same month, Hyderabad-based Biliti Electric announced its plans to set up the world’s largest electric three-wheeler factory facility here.
In June, Elest, a subsidiary of gold retailer Rajesh Exports, signed a pact with Telangana government to set up a Generation 6 AMOLED Display FAB, with investments worth Rs.24,000 crore. This was the country’s first display fab facility.
The investments came in diverse fields. While Malabar Gold & Diamonds, one of the largest gold and diamond retail chains in the country, laid the foundation stone for its Gems and Jewellery manufacturing unit in the State with an investment of Rs.750 crore and employment potential of 2,750 jobs, the fiscal also saw Amara Raja Batteries Limited, one of India’s leading industrial and automotive battery majors, announcing plans to invest Rs.9,500 crore over 10 years in Mahabubnagar district.
In January 2023, Microsoft announced its plans to expand its data centre investment in Hyderabad with three more data centres with an investment of Rs.16,000 crore, taking its tally to six such centres.
The State government’s investment-friendly policies, infrastructure, jet-speed approvals, measures to develop talent pool and other initiatives are being cited as crucial factors behind investors preferring Telangana over several other States.
