The 50th annual meeting of the World Economic Forum is set to begin on January 21, with several global political and business leaders coming together to discuss various opportunities and challenges across the globe. The theme of this year's meeting is ‘Stakeholders for a Cohesive and Sustainable World'.
The India team is being led by commerce and railways minister Piyush Goyal and will include Davos veterans Kamal Nath, chief minister of Madhya Pradesh and KT Rama Rao, industry minister of Telangana. While Kamal Nath will be attending Davos for the second time, KT Rama Rao has been invited for the third time.
KT Rama Rao has been receiving the invite consecutively for the last three years as a recognition of the unique initiatives of Telangana government which have led to the state coming out as India’s startup hub and a favoured investment destination.
“Your leadership has led to the launch of various forward-looking initiatives in Telangana and continues to rank high in ease of doing business in India," said Børge Brende, President, World Economic Forum, in the invite letter to KT Rama Rao for this year's meeting, as quoted by the New Indian Express.
“Given the forum’s collaboration with your government on the ‘Medicines from the Sky’ project, your insights into this and other relevant topics will add significant value to the deliberations," he added.
“I see this invitation as a recognition of Telangana government’s initiatives in the fields of information technology, industry and innovation,” said KTR on receiving the invite.
One of the topics to be discussed around India will be 'India– The Investment & Innovation Nation'. KTR will be a part of discussions that will focus on protecting the benefits of the technologies driving the fourth industrial revolution while minimising their risks.
Telangana — India's investment destination
Telangana's capital Hyderabad, a major IT hub of the country, is the 2nd highest contributor to India's IT exports. Telangana has been in the top two names for 'Ease of Doing Business' in India consecutively for the last three years.
As of January 2019, Telangana attracted more than $21 billion in investments since its formation in 2014. 90-95 percent of this investment was to be put to use on the ground over the next few years, as mentioned in a report by BusinessLine.
"A number of new companies and many companies that already operate out of Hyderabad and the state, are seeking to expand," Jayesh Ranjan, Principal Secretary, Industries, Telangana, was quoted as saying in the report.
Investment in the state picked up pace following the state government’s progressive policies and the innovative TS iPass (Telangana State Industrial Project Approval and Self-certification System), that ensures clearances to mega projects within 15 days and projects of other nature within 30 days —shortest in the country.
Telangana is the only state in the country to have brought the 'Right to Clearance' for industrialists to get industrial clearances.
Last year, Amazon inaugurated its single-largest campus in the world in Hyderabad, which now houses more than 15,000 employees. The office has 1.8 million sq ft in office space and is built on 3 million sq ft.
“The project designs were extremely complicated, and yet we managed to clear them within 11 days," Ranjan told BL.
Among the other major investments are by HSIL, which has a significant presence in Telangana, The Welspun Group, which committed investment of about $150 million in a manufacturing unit, Adani Group, which has set up a facility for unmanned aerial vehicles, IBM, which grew from one facility with about 2,000 employees to over 12,000 employees and several facilities and many others.This is a partnered post.