Startups, global tech cos to propel Telangana's growth, says its IT minister
Startups and large global tech companies will propel Telangana's growth, KT Rama Rao, Telangana's minister for IT and panchayati raj said on Wednesday.
Delivering the keynote address at VCCircle India Limited Partners Summit 2016 in Mumbai, Rao said, "We have set up the country's largest technology incubator T-Hub. T-Hub will anchor an accelerator-focused fund with an initial capital of Rs 125 crore."
T-Hub is in talks with other investors to launch the fund.
"We have got tremendous response for our accelerator programme in the past six months. Around 1600 startups applied but we could accommodate only 200 in the first batch," he said.
The Telangana state government in partnership with International Institute of Information Technology (IIIT), Indian School of Business and National Law University launched the first phase of 70,000 sq foot area of T-Hub in November and plans a second phase with 300,000 sq foot space. "This is the first of its kind initiative and we are very optimistic. We are the youngest state of India; we call ourselves 'the startup state'," he said.
"Google has announced its plans to set up the largest development centre outside US in Hyderabad," he added. "With government and businesses coming together we have a great opportunity to create growth," he said.
"Capital is gaining an upper hand and investors can cherry-pick now as India remains a great opportunity," Rao said. "For a long time, the political class has been accused of policy paralysis. Now we have a prime minister who speaks about 'Startup India-Stand Up India,' Skill India, Digital India, manufacturing," he said.