Plan To Employ 5 Lakh People Through Rs. 1 Lakh Crores Investment: Sridhar Babu
Hyderabad, Oct 24 (Maxim News): Telangana is formulating long-term plans to generate employment for 5 lakh people by attracting new investments of Rs. 1 lakh crore in the life sciences sector by 2030, State IT and Industries minister Duddilla Sridhar Babu has revealed.
The value of Telangana’s life sciences sector economy is currently worth $80 billion, and it has been announced that a ‘Comprehensive Life Sciences Policy‘ will be implemented soon with the aim of increasing it to $250 billion by 2030.
He said that in the last 20 months, the state has received investments of Rs. 3.2 lakh crore, of which Rs. 63 thousand crore is in the life sciences sector. He said that the state government has prepared several plans to make Telangana a global life sciences hub.
Minister Sridhar babu delivered the keynote address at the ‘AS Biotech International Conference 2025‘, jointly organized by Australian life sciences company ‘AS Biotech’ and the Victorian State Government in melbourne on thursday. The minister explained the progress made by Telangana in the last two years in the life sciences sector, future plans, opportunities and the favourable environment for investment.
Hyderabad has been ranked among the best life sciences clusters in the world in the ‘Global Life Sciences Atlas 2025‘ prepared by leading consulting firm CBRE. Hyderabad is ranked alongside Boston, San Francisco, Cambridge, Beijing and Tokyo. Life sciences office leasing is expected to quadruple to 2.4 million square feet by 2024, up from 0.6 million square feet in 2022.
The government has taken the responsibility of creating the best skilled human resources for the future bio-digital era in partnership with Life Sciences university, Young India Skills University, World Economic Forum, Center for the Fourth Industrial Revolution and other international giants. Sridhar Babu hoped that the AAS Biotech International Forum will mark the beginning of the ‘Victoria Telangana Innovation Corridor.’
The Minister invited leading life sciences industries to attend the BioAsia conference to be held in Hyderabad in February next year. The conference was attended by Victorian Ministers Ross Spence and Danny Pearson, Aus Biotech Chairman Dr. James Campbell, Telangana Investment Cell Director Madhusudhan, and Telangana Life Sciences Foundation CEO Shakti Nagappan. (Maxim News)
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