The year began with Bharat Biotech obtaining emergency use authorization for Covaxin from the Drugs Controller General of India.
It has been a difficult year like no other, but Telangana put on a commendable spectacle on the industries front in 2021 with a focus on continuing to attract investment, facilitate business operations and political initiatives to become a preferred destination for companies in emerging sectors such as e-mobility.
A combination of approaches by itself, it is Hyderabad’s preeminent position as the vaccine capital of the world and the country’s pharmaceutical hub that has maintained the spotlight on the state and helped generate more interest from the share of investors.
The year began when Bharat Biotech obtained emergency use authorization for Covaxin from India’s Comptroller General of Medicines, making the vaccine a key arsenal in the country’s fight against COVID-19.
Information technology (IT) was another industry in which Telangana sought to strengthen its position as a hub. U.S. life insurer Massachusetts Mutual Life Insurance Company (MassMutual), medical technology leader Medtronic, investment banking leader Goldman Sachs, global financial services firm JP Morgan, IBM Consulting, Genpact Affine, Larsen & Toubro Infotech and 3i Infotech were some of the companies that either opened facilities or announced plans for investment and staff increases.
The state’s new ICT policy envisions doubling IT exports to ₹ 3 lakh crore and creating more than three lakh additional jobs over the next five years. In doing so, the focus will also be on encouraging IT companies to set up in level II cities.
The year, however, will be remembered for the state government which managed to woo Kitex Group to invest, including sending a private plane to transport top garment makers to Hyderabad from Kerala. . Impressed with the response and the offer, the group, which at the time was also evaluating other states, reached a memorandum of understanding and announced that it would invest 2,400 yen crore in the Telangana. The Kitex Group is expected to start operations in Warangal in November 2022.
Another major investment pledge Telangana secured in 2021 also came from an entity in Kerala when Malabar Gold and Diamonds announced it would set up a gold and diamond jewelry manufacturing unit as well as a refinery. with an estimated investment of 750 crore.
Defense and aerospace, which is another sector for which Telangana is known, also saw several investment and expansion announcements during the year, including Boeing adding a new production line to its joint venture, Tata. Boeing Aerospace, Hyderabad, to manufacture vertical fin structures for the 737 family of aircraft.
While consolidating its positions in pharmaceuticals, defense and aerospace and IT, the State has turned to the food industry, in the context of which it has unveiled projects to set up clusters through the ‘State, electric mobility and renewable energies.