$1-trn GSDP in sight for Telangana: WTCA

By inviting companies to invest in Hyderabad, the vision of this government to grow the State’s economy by 14-15 per cent can be achieved. To attract investors, the infrastructure needs to be developed. Hence, substantial investment in infrastructure through proposed Fourth City is needed - Robin Van Puyenbroeck, ED, WTCA, tells Bizz Buzz

Hyderabad: India is the world’s fastest growing economy, while Telangana is among leading States that add value to the country’s Gross Domestic Product (GDP. The vision of the Telangana government to transform its economy into a $1-trillion Gross State Domestic Product (GSDP) is not just a passing idea, but a well thought out plan, affirms Robin van Puyenbroeck, the Executive Director of the New York-based World Trade Centers Association.

Speaking on the sidelines of the recent Global AI Summit 2024 here, Robin Van Puyenbroeck said that India’s population, demographics, and innovation make it an investment destination where one can’t afford not to be present here.

“There are over 400 engineering colleges in Hyderabad. This means that the talent pool of skilled workers is available here. By inviting companies to invest in Hyderabad, the vision of this government to grow the State’s economy by 14-15 per cent annually can be achieved. To attract investors, the infrastructure needs to be developed. Hence, substantial investment in infrastructure through Fourth City is needed. See, it is all interlinked,” he told Bizz Buzz.

Puyenbroeck said that he had met Telangana Chief Minister A Revanth Reddy at Davos in Switzerland, where the latter mentioned his vision for the ‘Future City.’ During the meet, WTCA and the State government had held discussions on including WTC concept as a part of the Future City i.e fourth city after Hyderabad, Secunderabad and Cyberabad.

Citing a report released by the government, he said that Telangana has reported 12 per cent year-on-year growth. The vision of the leaders here is to grow the economy by 14-15 per cent annually over the next few years so that Telangana’s economy can reach $1 trillion, with per capita income increasing from about $5,000 now to $13,000. “Moreover, 30 per cent of the IT exports from this State go to the US, according to the US Consulate. Looking at these numbers, the opportunity and growth taking place in Telangana is worth noting”, the Executive Director said, adding that the government is moving in the right direction by focusing on Artificial Intelligence (AI) and creating jobs.

Drawing similarities between WTC’s and the Telangana government’s vision, Puyenbroeck said: “When we look at international trade system, it is important that it works for everyone, not just large corporates, but also for small and medium enterprises. On the same lines, the vision of this government is how AI can work for everyone. So, we see similarity in our visions.”

World Trade Centers Association (WTCA) is the largest interconnected business network in the world. Currently, there are 320 World Trade Centers (WTCs) present across 100 countries, including 40 in India. From 320 centers, WTCA will be growing to 500 over the next decade, wherein India, Brazil, Mexico, Continent of Africa, and South East Asia are WTC’s growth drivers, Puyenbroeck said.

He went on to add that WTC has not set a target on the number of new cities it wants to add, or size of investment required to set up a WTC. He said: “It all depends on the type of investment (real estate, airport, industrial park), the location, the development size, project’s relevance in the local business community, reliable business partner with strong business plan and financials in place.”

When asked about the sectors India should focus on to become the third largest economy and the measures to attract more Foreign Direct Investment (FDI), Puyenbroeck said: “To increase FDI, India can focus on creating open economy and trade to grow exports and flourish. If India wants to become the third largest economy, it has to observe what other economies that have reached that level have done right”.