Higher allocation for Industries, IT Depts in Telangana Budget 2024-25
The Hindu
Telangana Finance Minister allocates ₹2,762 crore for Industries and ₹774 crore for IT in State Budget 2024-25.
Telangana Finance Minister Mallu Bhatti Vikramarka announced a comparatively higher allocation of ₹2,762 crore for the Industries Department and ₹774 crore for the Information Technology Department in his State Budget 2024-25 speech on Thursday.
He reiterated the State government’s emphasis on skill development as an enabling tool for Telangana to continue attracting global investments as well as a commitment to make most of growth opportunities accompanying the emergence of Artificial Intelligence (AI).
Though Budget Estimates (B.E) for 2023-24 were pegged at ₹4,037 crore for the Industries and Commerce Department, the Revised Estimates (R.E.) for the last fiscal stood at ₹567 crore. Likewise, for Information Technology and Communications Department the B.E. was ₹366 crore and R.E. ₹194 crore respectively.
The higher budget allocation assumes significance in the context of the demands of industries and entrepreneurs to the State government to disburse the pending incentives totalling more than ₹3,000 crore.
On the Departments, Mr. Vikramarka said the State government has decided to establish and run Telangana Skill University in Hyderabad in the current fiscal on a Public Private Partnership (PPP) mode. As many as 17 different industry-linked, practical and job-oriented certificate, diploma and degree courses will be offered by the proposed university. “Our objective is to not only make Telangana a leading destination to attract global investors but also to develop world-class skills in our youth to make them job-competitive locally and globally,” he said in his budget speech.
Leader in AI
Noting that Telangana has made great progress in the field of artificial intelligence, the Finance Minister said “we are preparing plans to make Hyderabad a leader in this sector. Hyderabad will soon become a research centre for advanced artificial intelligence.”
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