Minister KTR launches BFSI Consortium bolstering state’s position as a leading global innovation hub

IT and Industries Minister KT Rama Rao launched the Banking Financial Services and Insurance Consortium and unveiled their logo in T-Hub campus in Hyderabad. Through its strategic approach and collective efforts, the BFSI Consortium is set to drive innovation, transformation, and sustainable growth in Telangana’s financial services sector, thereby bolstering the State’s position as a leading destination for BFSI companies.

Speaking at the launch, Minister KTR emphasized on creating an innovation ecosystem for future generations and making India a first-world nation by 2047 through the 3 ‘I’ Mantra: Innovation, Infrastructure, and Inclusive Growth.

The Minister encouraged the BFSI Consortium to collaborate with educational institutes and the government for disruptive ideas and innovative solutions. Mentioning that upskilling, reskilling, and fostering a collaborative environment are essential, the Minister recommended involving more women and youngsters from all walks of life in their initiatives.

The BFSI sector holds a crucial position in Telangana’s dynamic economic landscape, accounting for over 40% of the jobs in the thriving IT & ITeS industry. The consortium aims to promote collaboration, innovation and knowledge sharing within the BFSI sector in Telangana. The Consortium’s mission encompasses collaborating closely with policymakers to establish a resilient environment for the BFSI sector, working in tandem with educational institutions to facilitate the creation of industry-ready talent and a future-ready workforce.

The Consortium will also play a pivotal role in enabling global BFSI companies to access a comprehensive perspective on talent availability, development opportunities, infrastructure readiness, industry-friendly policies, and operating models in Hyderabad. By providing this comprehensive support, the Consortium aims to attract more global capability centres to set up their operations in the region.