Telangana IT and Industries Minister D Sridhar Babu on Saturday said digital innovation is moving at a rapid pace and the industry needs to march along with the changing times to meet challenges.
Inaugurating the GROWTH X 2025 Summit organized by the ICT Committee of the Federation of Telangana Chambers of Commerce and Industry(FTCCI) with the theme “Go Digital Grow Business” , Sridhar Babu said We need to transform our industries with a special focus on how to leverage Technology for GROWTH in the disruptive era of AI
The traditional approaches will not work. At the same time, there are challenges in this journey, especially for MSMEs and SMEs. The MSMEs and SMEs have many limitations, shortage of capital, fear of change, and lack of awareness. He said until and unless MSMEs and SMEs harness new technologies, they will lose out on their competitiveness. They can’t sustain in the long run.
The state Government’s ambition is to make Telangana a one trillion US $ economy. We will work with the FTCCI and ICT committee for the common good of the industry and the state, the Minister said.
He said the state is progressing well at the same speed as national growth or even more. The state’s software exports growth registered at 17.98 percent against the national average growth of 8 percent.
AI (Artificial Intelligence) is taking control across industries and individuals from all walks of life. If ‘we don’t harness and integrate AI into our industries, and businesses, we will lose efficiency, growth trajectory, and profitability,’ the Minister said.
“Our Chief Minister Mr. Revanth Reddy has a very clear vision to keep pace with the changing technology”, he said that the CM feels very strongly that all stakeholders of the state must also keep pace with emerging technologies. The Government of Telangana sees AI as the first and foremost technology to be embedded in its growth trajectory. It is top of mind of the state leadership. The recently held Global AI summit was a step towards that direction, the Minister added.
On the occasion, the Minister unveiled the “Thought Capital Report” brought out by EY, the knowledge partner of GrowthX2025.
Speaking on the occasion, FTCCI President Dr Suresh Kumar Singhal, said MSMEs make a significant contribution to the Indian economy, yet they are hesitant to adapt technology. They must embrace technology to stay competitive.
More than 450 participants comprising decision makers/CXOs, FTCCI Members, IT, Policy Makers, Investors, and Startups participated in the summit.
An Expo Zone was also organised along with the summit.
