Hyderabad, June 1 : Telangana has become the torchbearer of development in the country, said the industry leaders and representatives from industry bodies on the eve of the state formation day. They feel that with innovative initiatives and people friendly schemes in areas such as agriculture, animal husbandry, electricity, industries, infrastructure, the government has set standards for other states to look up to Telangana and follow. "Despite being India's youngest state, Telangana's strides in industrial development and launching friendly initiatives are phenomenal. There is significant growth in the registration of new industrial units in Telangana. The innovative and transparent TS-iPASS initiative, has given approvals to more than 11,570 industries. About 80 per cent of the companies have started functioning generating more than six lakh jobs," said Karunendra S Jasti, President, the Federation of Telangana Chambers of Commerce and Industry (FTCCI). He believes that the ease of doing business coupled with excellent infrastructure in the state has attracted some big-ticket investments like IKEA, Amazon, Intel, Micron, phone maker OnePlus, electronics major SkyWorth, and Hitachi Vantara among others. "Telangana is also witnessing steady growth of startups. The ecosystem in Hyderabad (T-Hub, We Hub) just gets strengthened by the entry of global co-working space providers like WeWork and with the state working on the second phase of T-Hub to further boost the innovation ecosystem in the city." Post Covid-19, the industry is expecting many companies to relocate to Hyderabad and Telangana from China, he added. V Rajanna, Senior VP, TCS and past Chairman CII, said that Telangana registered stunning performance in the IT sector. The state delivered Rs 1.2 lakh crores in IT exports with an annual growth rate of 18 per cent and contributing 12 per cent of the nation's IT exports. The IT industry has led rapid economic growth in the state contributing one-third of Telangana state exports. The industry employs the largest number of people which is in excess of 5.8 lakh comprising 1.8 lakh women. "The IT industry in Telangana is providing indirect employment to more than 20 lakh people in the areas of catering, housekeeping, logistics, security and others . The state government initiatives to expand the IT sector into Tier 2 cities like Warangal is an excellent move creating job opportunities in various regions," he said. G.V. Prasad, Co-Chairman and MD, Dr. Reddy's, said that the pharmaceutical industry is an important part of the state of Telangana. "The industry is nurtured well by the government and the ecosystem. The industry is doing very well and the state is the center of innovation globally for APIs and generics," he said. According to Bhaskar Reddy, Vice President, FTCCI, Telangana's projects in irrigation have become the subject of several case studies globally. Through initiatives such as the Kaleshwaram, Mission Bhagiratha and Mission Kakatiya, the state is creating a solid base for enhancing farmer incomes sustainably over the coming decades, while providing a high quality of living for its citizens through excellent facilities for basic services. The state has become a rice bowl for India and fulfilled its dream of bringing in one crore acres under cultivation, he added. /IANS