Telangana, a state in southern India, has entered into a new agreement with the London Stock Exchange Group (LSEG) to establish a Technology Centre of Excellence in its capital city of Hyderabad. This strategic move is expected to generate numerous employment opportunities and foster innovation collaborations within the region.
The announcement was made by Telangana’s IT and Industries Minister, K.T. Rama Rao, during his visit to the United Kingdom. After meeting with LSEG’s Chief Information Officer, Anthony McCarthy, a memorandum of understanding (MoU) was signed by state government officials, solidifying the partnership.
Rao expressed his excitement about the collaboration, stating, “We have just entered into an MoU with the London Stock Exchange for an innovation centre, with potential employment for 1,000 people.” He further emphasized Telangana’s remarkable achievements within a short span of time, dubbing it the most successful start-up state in India.
Telangana’s strengths were highlighted during a roundtable discussion organized by the Indian High Commission in London. The state has emerged as a major production hub for one-third of the world’s vaccine production and has a thriving life sciences industry. Additionally, Hyderabad, the capital city, has demonstrated rapid growth in the technology sector, contributing significantly to the creation of technology jobs in India.
The minister also showcased Telangana’s progressive industrial policies and the TS-iPASS, a revolutionary single-window system designed to streamline investment processes and reduce bureaucratic hurdles. The state’s robust ecosystem in electronics, aerospace and defense, food processing, mobility, and textiles sectors was presented to position Telangana as an ideal investment destination for UK companies.
Furthermore, academic collaborations with prestigious institutions like King’s College London and Cranfield University were highlighted as indicators of the growing partnership between the UK and Telangana.
The Indian High Commissioner to the UK, Vikram K. Doraiswami, praised Hyderabad for its world-class infrastructure and multicultural environment, making it an attractive destination for global investors.
This partnership with the London Stock Exchange Group is expected to propel Telangana’s economy further, leveraging its industrial prowess and commitment to sustainable development. The establishment of the Technology Centre of Excellence will not only boost employment opportunities but also foster innovation and drive economic growth in the state.