Exclusive: Interesting story behind CM Revanth Reddy’s sudden decision to attend WEF, Davos

The Congress government is apparently trying to bask in the glory of the good work done by former Industries Minister KT Rama Rao and the BRS government. There is an interesting background story to the sudden decision of CM Revanth Reddy to attend the World Economic Forum meeting to be held in Davos in January 2024.

Sources indicate that during a recent review meeting of the IT & Industries Department, officials informed Minister Duddilla Sridhar Babu that due to the persistent efforts of erstwhile Minister KTR, several marquee companies have come forward to invest in Telangana. Around 15 of these investments are supposed to be concluded on the sidelines of the WEF meet in January, with the rest to be finalized and announced at the Bio Asia summit scheduled in February.

When Minister Duddilla Sridhar Babu conveyed the same to the CM, the latter immediately sensed an opportunity. CM Revanth Reddy seems to have decided to utilize the WEF Davos platform to bolster his image as a pro-business leader. Minister Duddilla Sridhar Babu, who would have become the center of attraction at Davos, will now have to content himself by sharing the dais with CM Revanth Reddy.

Accordingly, officials have been instructed to immediately secure separate invitations for CM Revanth Reddy and IT & Industries Minister Duddilla Sridhar Babu, as WEF Davos is an invite-only event. Officials were also asked to make arrangements so that these investments in the pipeline can be announced in Davos and the Bio Asia Conference respectively. However, our sources indicate that some of these investors are now hesitant to go ahead with their plans due to obvious reasons.

Investor confidence has been dented due to the hasty decisions of the Congress government, such as scrapping the Pharma City, stalling the Airport Metro, and non-cooperation with Formula-E race organizers. Sources reveal that the Congress government is trying to salvage at least some of these proposed investments and send across a message that they too are investor-friendly, like the previous BRS government.

The BRS government, under the leadership of former CM KCR and former IT and Industries Minister KTR, succeeded in elevating ‘Brand Hyderabad’ to new heights. Telangana has emerged as the most sought-after investment destination in the last 10 years. The previous government had attracted many investments from marquee companies, generating lakhs of job opportunities.

In the industries sector, permissions were granted for around 24,000 industries, attracting investments worth Rs. 4 lakh crore since 2014. These investments have created approximately 24 lakh jobs. IT employment has risen from 3.23 lakhs in 2014 to around 10 lakhs in 2023, and IT exports have increased from Rs. 57,000 crore in 2014 to Rs. 2.41 lakh crore in 2023.

Obviously, the new Congress government needs to toil hard to continue this trailblazing legacy.