Taking all efforts to attract firms with China +1 strategy: Telangana CM
'We are working hard to create the atmosphere.' he said, seeking to highlight how Telangana by virtue of emerging as a hub for various industries and sectors is well positioned as firms scout for locations globally to diversify their manufacturing beyond China.
Speaking at the foundation laying of home grown specialty biopharmaceutical company Ichor Biologics' 1.75 lakh sq ft plant in Hyderabad's Genome Valley, Mr. Revanth Reddy asserted as more and more investors look towards India 'we are here to support'.
The global trend is in line with bigger growth ambitions Telangana has set for itself. The State is competing for investments with other countries and not States, the Chief Minister declared, adding stability in policies for industries, including those on incentives and project approvals, remains the hallmark of the State through the regime of TDP, previous Congress and BRS regimes since the 1990s. Apart from accelerating the process of industrial development, his government in the 18 months since assuming office has been instrumental in attracting ₹3.2 lakh crore fresh investments.
He also sought to emphasis the role of industries in achieving the Telangana Rising aspirations and goals, including the State shaping into a $1 trillion economy by 2035 and contributing 10% to the $30 trillion economy by 2047 that India has set out to achieve.
IT and Industries Minister Sridhar Babu told the gathering the government is working to transform the State into a global hub for life sciences. Life sciences sector in the State recorded an impressive CAGR of 23%, well above the national average of 14% and contribute 2.5-3% to Telangana's GSDP, compared to the national average of 1.5%, underscoring the State's leadership in this space.
Citing CBRE Global Life Sciences Atlas 2025, he said Hyderabad has earned a place among the world's leading life sciences clusters alongside Boston, San Francisco, Cambridge and Tokyo. Hyderabad is the first Indian city to feature in this list. In 2024, Life Sciences companies leased 2.4 million sq ft of office space in Hyderabad — up from 1.8 million sq ft in 2023 and 0.6 million sq ft in 2022, reflecting the sector's exponential growth.
Speaking on the occasion, Labour Minister G.Vivek Venkat Swamy appreciated Ichor Biologics' leadership for the significant progress the company has made over the years.
The company said it was established in 2011 and operationalised in 2013 at Genome Valley and focused on development and commercialisation of high-purity plasma-derived therapeutics. The new facility will employ hundreds of people.
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