Telangana govt to raise tech innovation fund to ₹670 crore.

The Telangana government will soon increase the size of the Technology Innovation Fund to ₹670 crore ($100 million) from the present ₹100 crore. The fund provides financial assistance to technology start-ups with innovative ideas.

“The fund is being developed in the public-private partnership. We would like to increase the fund size to $100 million,” Telangana Minister for Industries and Information Technology KT Rama Rao has said.

Addressing the national executive committee meeting of the Federation of Indian Chambers of Commerce and Industry (FICCI) here on Monday, he said the State was in the process of dedicated sector-specific industrial parks.

“We are working on plans to set up Plastics Park, Medical Devices Park and Food processing Park,” he said.

Remind the industry about the prolonged power cuts before 2014, he said the government had bought power heavily to tide over the crisis.

“We have bought about 1,200-1,400 MW of power every day to meet the demand. While doing so, we have drafted plans to increase the power production that is expected to cross the 24,000 MW mark in three years,” he said.

The first phase of the Pharma City will be launched in the one or two years in an area of 6,000 acres. A Pharma University too will be set up to build human resources required for the cluster of pharmaceutical companies in Nalgonda district.

Meanwhile, the FICCI has proposed to set up a Centre of Excellence (CoE) in the Pharma City to strengthen the industry ecosystem.

HBL