Latest news with #AbhijitBanerjee
Time of India
2 days ago
- Business
- Time of India
Eyeing trillion $ goal, T sets sights on defence, aerospace, biotech
Hyderabad: The Telangana govt will focus on three high-potential sectors - defence, aerospace, and biotechnology - to achieve its goal of becoming a trillion dollar economy by 2047. Chief minister A Revanth Reddy has said at a number of fora that the state would achieve this goal well ahead of the national timelines. Sources in the expert group working with the state govt on numerous projects told TOI that Telangana has so far followed the Karnataka model, which emphasised services as a major driver of growth. Now, the state may follow a model similar to that of Tamil Nadu, where manufacturing is expected to play a crucial role in boosting the economy. This strategic shift comes at a pivotal moment. India has recently become the fourth largest economy in the world, surpassing Japan. "One specific reason for this potential shift is availability of skilled manpower across Telangana, not just in Hyderabad. This creates an ideal situation for sectors like defence, biotechnology, and aerospace," said a senior official. For an added impetus, the state has been requesting the Centre to make Telangana part of the National Semiconductor Mission. "The government is working closely with some experts to strengthen the economy," an official added. Several prominent economists, including Nobel laureate Abhijit Banerjee and Montek Singh Ahluwalia, have visited the secretariat in recent months in a bid to steer the state towards its goal. However, experts caution that apart from identifying key sectors to boost the economy, there is a need for a strategic shift in the way the govt operates. "Freebies or welfare schemes that simply dole out cash need to be rationalised, and everyone must be encouraged to work. Job creation in the private sector is essential for achieving balance," said Krishna Reddy Chittedi, associate professor at the School of Economics, University of Hyderabad. Telangana's Gross State Domestic Product (GSDP) for 2024-25 (advanced estimates) at current prices is pegged at Rs 16,12,579 crore, reflecting a growth rate of 10.1%. This surpasses the national GDP growth rate. "At this rate, it would take Telangana more than a decade to reach the trillion dollar mark," Krishna Reddy added. INDUSTRY TAKES LEAD Industries contributed Rs.2,77,270 cr to the state gross state value added (GSVA) in 2024-25, manufacturing (47.60%) & construction (29.07%) being largest contributors State aims for 15% annual growth in MSME registrations Share of jobs in the industrial sector stood at 23%, according to Periodic Labour Force Survey for 2023-24
New Indian Express
18-05-2025
- Business
- New Indian Express
Economist Abhijit Banerjee joins upcoming Telangana Rising Vision Board
HYDERABAD: Nobel Laureate Abhijit Banerjee will join the soon-to-be-announced Telangana Rising Vision board as adviser. The board will also have as members renowned economists, policy experts and others offering suggestions and advice that would help the government project Telangana as a state to watch out for. Sources confirmed that four to five eminent personalities have already agreed to join the board, which the government is expected to formally announce soon. On Saturday, Prof Banerjee met Chief Minister A Revanth Reddy and discussed several innovative ideas in urban development, economic growth, augmenting public revenues, fiscal discipline, large-scale skilling and job creation. While discussing large-scale jobs creation, Prof Banerjee spoke of the need to create unique short-term courses in traditional skills with modern design and appeal, marketing, use of social media technology to help traditional artisans turn into modern entrepreneurs. He also suggested to the chief minister to include crafts, arts and creativity as a significant part of the Future City. During the discussions, Prof Banerjee expressed great appreciation for the chief minister for the recruitment of transgender persons into police and municipal departments, envisioning the Hyderabad core urban area within the ORR as a pure-services zone, and the creation of skills and sports universities. Revanth, while outlining the global vision of Hyderabad for centuries and the global reach of products made in the region, spoke of the need to create global awareness. He also elaborated on the various empowerment programmes for women Self-Help Groups, youth and farmers.
Hans India
18-05-2025
- Business
- Hans India
Nobel laureate boost for Telangana Rising Board
Hyderabad: Nobel laureate Prof Abhijit Banerjee will come on board the TelanganaRising Vision Board that has been constituted by the state government as its advisor. Prof Banerjee, who shared the 2019 Nobel Prize in Economics with two others, called on Chief Minister A Revanth Reddy here on Saturday and discussed several innovative ideas pertaining to urban development, economic growth, augmenting public revenues, fiscal discipline, large-scale skilling and creation of jobs. The Indian American economist, who is currently a Professor of Economics at Massachusetts Institute of Technology (MIT), has accepted the Chief Minister's invitation to join as an advisor of the TelanganaRising Vision Board. While discussing mass scale jobs creation, Banerjee spoke of the need to create unique short-term courses in traditional skills with the prevalent designs and appeal and marketing. He also underlined the need for the use of social media to help traditional artisans turn into modern entrepreneurs. He urged the Chief Minister to include crafts, arts and creativity as an integral part of Future City. During the discussions, the Nobel laureate expressed great appreciation for Reddy's pioneering efforts in the recruitment of transgenders in police and municipal departments, envisioning the capital city's core urban area within the (Outer Ring Road) as a pure-services zone, and creation of skills and a sports university.
Time of India
18-05-2025
- Business
- Time of India
Nobel laureate Abhijit Banerjee joins Telangana Vision Board
Hyderabad: Nobel laureate Professor Abhijit Banerjee has joined the TelanganaRising Vision Board as an advisor, offering his expertise to shape the state's long-term development agenda. During his meeting with chief minister A Revanth Reddy on Saturday at the Integrated Command and Control Centre, Prof Banerjee shared his vision on inclusive economic growth , job creation, urban innovation, and skilling—core components of Telangana's future roadmap. In a wide-ranging dialogue, the two leaders discussed transformative ideas for boosting public revenue, empowering traditional artisans through modern tools, and positioning Hyderabad as a global services and innovation hub. Prof Banerjee, currently the Ford Foundation international professor of economics at the Massachusetts Institute of Technology ( MIT ), is a globally renowned economist and co-founder of the Abdul Latif Jameel Poverty Action Lab (J-PAL), an MIT-based research centre dedicated to reducing global poverty through scientific evidence and policy impact. In 2019, he was awarded the Nobel prize in economic sciences along with his wife Esther Duflo and Michael Kremer for their experimental approach to alleviating poverty. Promoting traditional skills During the discussion, Prof Banerjee emphasised the importance of creating short-term, skill-based programmes that combine traditional knowledge with contemporary design sensibilities, digital marketing, and social media outreach. He also suggested that Telangana should integrate arts, crafts, and cultural creativity into the planning of the Bharat Future City, giving it a distinctive identity rooted in both innovation and heritage. According to the chief minister's office, Prof Banerjee appreciated the state govt's inclusive policies, notably the recruitment of transgender individuals into the traffic police and municipal workforce—a first-of-its-kind initiative in the country. He also welcomed the CM's vision for reimagining Hyderabad's core urban zone within the Outer Ring Road as a services-driven economic corridor, supported by dedicated skills and sports universities that would build capacity for a future-ready workforce. The CM, on the other hand, detailed the Congress govt's focused efforts to empower women's self-help groups, farmers, and the youth through a combination of welfare, credit, and enterprise support. The CM underscored the govt's goal of inclusive economic expansion, where social equity and global ambition go hand in hand—a vision Prof Banerjee is expected to contribute to through his advisory role on the Vision Board.
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Business Standard
17-05-2025
- Business
- Business Standard
Abhijit Banerjee joins Telangana Rising Advisory Board for development
Nobel laureate economist Prof Abhijit Banerjee on Saturday met Telangana Chief Minister A Revanth Reddy here and discussed several innovative ideas in urban development, economic growth, augmenting public revenues, fiscal discipline, large-scale skilling and jobs creation. The Nobel laureate also accepted the invitation from the chief minister to join the illustrious and globally renowned list of advisors of the 'Telangana Rising' vision board, an official release said. The Telangana government's vision of growth, investments, job creation, building great infrastructure and welfare for all sections is described as 'Telangana Rising'. While discussing mass-scale job creation, Banerjee spoke of the need to create unique short-term courses in traditional skills with modern design and appeal, marketing, use of social media technology to help traditional artisans turn into modern entrepreneurs, it said. He also suggested to the CM to include crafts, arts and creativity as a significant part of the Bharat Future City'. Banerjee also expressed appreciation for the pioneering efforts of CM Reddy in enrollment of transgenders into police and municipal departments, envisioning Hyderabad's core urban area within the Outer Ring Road (ORR) as a pure-services zone, and creation of skills and a sports university. The CM elaborated the various empowerment programmes for women Self-Help Groups, youth and farmers. Industries and IT Minister D Sridhar Babu, Chief Secretary Ramakrishna Rao and other officials participated in the discussion, the release added. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
