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Newsbeat

Hyderabad Austerity Drive: Will CM Revanth Reddy Cut Costs?

Hyderabad: CM A Revanth Reddy Considers Austerity Drive to Curb Fiscal Deficit

Hyderabad: Telangana Chief Minister Revanth Reddy is thinking about a money-saving plan to fix the state’s money issues. The state is spending a lot more than it’s earning, and this is causing worries about its financial health.

Sources close to the Chief Minister’s Office say that Reddy is considering a few steps to spend less money. These might include:

1. No new hires: They might stop hiring new people for government jobs for a while, except for really important roles. This would help save money on salaries and other costs.

2. Spending less on daily costs: They are thinking about reviewing and cutting down on spending for things like office supplies, travel, and other everyday costs to save money.

3. Changing project funds: They might focus more on important projects and rethink the money allocated to ongoing plans. This way, they could have more funds for urgent needs.

4. Using less energy: They are thinking about using less electricity in government buildings and offices to save money and help the environment.

5. Making more money: They want to explore ways to get more income, like changing taxes, improving how they collect taxes, and getting private businesses to invest in the state.

The details of this money-saving plan are still being worked out. The Chief Minister will talk to important people, including finance experts, department leaders, and opposition leaders, before deciding what to do. Some people think this plan is good to make sure the state’s money is okay, but others are worried it might affect public services and jobs.

The Telangana government’s money problems have been getting worse, and now it’s estimated that they’re spending more than they should. Economists and experts are telling the state to do something about it. If this money-saving plan works well, it could help Telangana spend less and get its finances in better shape. But we’ll have to wait and see how it goes and how it might affect the state and its people in the long run.

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Newsbeat

Telangana attracts Rs. 2800 crore investment from Kaynes Technology for compound semiconductor unit

Telangana is emerging as a preferred destination for electronics manufacturing units, with Kaynes Technology setting up its OSAT and compound semiconductor manufacturing facility in the state with an investment of Rs. 2800 crore.

The unit, which will generate employment for 2000 people, will come up at Kongara Kalan, which is also housing Foxconn and Corning units.

Industries Minister KT Rama Rao welcomed Kaynes Technology for setting up the facility in Telangana, saying that it was a proud moment for the state to join the league of coveted global destinations that host the semiconductor industry.

The Kaynes unit would be set up in 40 acres and the management was very aggressive in its plans. Going by their speed, the unit would commence its operations in 12 to 18 months, an official associated with the development said.

Implications

The establishment of Kaynes Technology’s compound semiconductor unit in Telangana is a significant development for the state’s electronics manufacturing sector. Compound semiconductors are used in a wide range of applications, including 5G, artificial intelligence, and electric vehicles. The new unit will help to position Telangana as a leading hub for the development and manufacturing of these cutting-edge technologies.

The investment by Kaynes Technology is also a testament to the state’s favorable business environment and its commitment to promoting electronics manufacturing. Telangana has been at the forefront of attracting investments in the electronics sector, and the new unit is expected to create thousands of jobs and generate significant economic activity.