Manufacturing, youth in focus as Telangana takes steps to reach $1 trillion goal by 2035
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Hyderabad: Telangana govt intends to implement multiple measures to achieve its goal of a $1 trillion economy by 2035. The current value of Telangana's economy is around $200 billion, while Maharashtra stands at $500 billion.
It's estimated that Telangana will take about 15 years to hit $1 trillion economy, but to fast forward it to 2035 the govt is putting in place a policy focussed on four aspects – zoning for industrial growth, skill development, low population growth and woman's participation.
On Friday, chief secretary K Ramakrishna Rao held a vision meeting to discuss the goal of reaching a $1 trillion economy by 2035 and $3 trillion by 2047.
The state govt has given serious consideration to the recent observation of former Reserve Bank of India governor C Rangarajan that Telangana is among four states in the country with the highest potential to become developed by 2047.
"The chief secretary said that to achieve this goal by 2035, a distinct vision and focus was essential," a source said.
The meeting also addressed chief minister A Revanth Reddy's perspective that GSDP figures should be calculated with specific targets set for cities, particularly for Hyderabad, rather than adhering to the conventional practice of calculating GSDP for the entire state.
The chief secretary also emphasised the need to focus on providing skills to the youth across the state to enhance their employability.
A zoning system is being followed to promote industries and business activities within the Outer Ring Road (ORR) and the area between ORR and Regional Ring Road, which is seen as a significant economic booster.
"Business activities are being planned in such a way that all services sector activities will be within ORR, while manufacturing will primarily be around RRR.
The CM believes that manufacturing will drive the necessary growth in the economy by creating many blue collar jobs and generating revenue for the state. This zoning system is designed accordingly, and progress is being made in this direction. Hyderabad will be a major source of growth," a source said.
The slow population growth rate is also seen as an advantage for achieving the target. Telangana's population is expected to remain around 4.2 crore, from the current approximately 3.8 crore.
Additionally, the state has great potential as the participation of women in the labour force is quite high in the county. They will be more involved in economic activities by giving them ownership of green energy plants, sources said.
However, there are clear challenges ahead in light of a significant debt burden.
"It's not a problem that can be solved overnight, but the govt is aware that it needs to be addressed," a source said.
Another concern is regarding environmental issues arising due to rapid development.
"Hyderabad faces flooding during heavy rains, and we have implemented the Musi development plan," a source added.
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