Hyderabad will now be known for gems and diamond production: Revanth Reddy

Hyderabad: Assuring investors of all possible help and encouragement, Chief Minister A Revanth Reddy said Hyderabad is known for IT, pharma and will now also be known for gems and diamond manufacturing. He formally inaugurated the fully integrated gems and jewellery manufacturing unit of Malabar Group at General Park in Maheshwaram here on Thursday. The Malabar Group had conceived its plan to set up the manufacturing unit in September 2021 with an investment of Rs 750 crore. Former Industries Minister KT Rama Rao laid the foundation stone of the unit in October 2022. Addressing the gathering, the Chief Minister told the Malabar Group management that they had made the right decision to set up the unit in Telangana, especially in Hyderabad. He stressed that Telugu people are the biggest buyers of gold, followed by Tamil Nadu, Karnataka and Kerala. Industries Minister D Sridhar Babu said Telangana’s secondary sector (which includes manufacturing, construction, electricity, gas and water supply) recorded an impressive growth rate of 9.6 per cent in FY 2023-24, far higher than the national average of 8.3 per cent. He said the gross value added (GVA) by Telangana’s manufacturing sector increased from Rs 1.34 lakh crore in 2022-23 to Rs 1.46 lakh crore in 2023-24, registering a growth of nine per cent. He said the manufacturing sector accounts for 19.5 per cent of Telangana’s GSDP, while the national average is only 17.7 per cent. “I invite Malabar and other firms to set up furniture manufacturing units in Telangana,” he said.