Monarch Tractors, a major agricultural tools developing corporation based in the USA is considering expanding its current operations and investing in the Indian state of Telangana. The company discussed its plans with state chief minister Revanth Reddy, who is on a tour of the USA. Mr Reddy, in a bid to attract investors from the West, discussed the scope of investments with prospective investors. The company already has a research and development center in the capital, Hyderabad. With the city blossoming as a major IT hub in the Deccan, the government seems to be urging Monarch Tractors to expand its operations. The state government hopes that the company builds a manufacturing unit in the state to complement its presence.
Monarch Tractors – an introduction
Monarch Tractors has led a significant change in the agriculture sector. They have developed an advanced tractor- one that is electric and fully autonomous. It can help in boosting agricultural yields and utilize AI to meet growing labor shortages. It can also aid in promoting sustainability. The company is led by CEO Praveen Penmetsa, who is of Indian origin. The slimmer and smaller tractor is easier to manage and can work with higher dexterity between rows of crops. With its electricity-run motor, autonomous driving and data collection capabilities, the tractor has injected Silicon Valley technology into the millennia old sector of agriculture. India, with an economy dependent on agricultural output, can benefit greatly from such investments in the country.
Hyderabad – a developing IT hub
The HITEC City – Hyderabad Information Technology and Engineering Consultancy City- was set up in the late 1990s to fuel growth in the city. The city is now a developed hub of technological innovation, creatively called ‘Cyberabad’. Hyderabad’s cyber and software sector has exports valued at 30 billion dollars, and is one of the largest technology centers in India and south Asia. The number of start-up companies, which are indicative of the culture of innovation in the city, has also risen from a few hundred in 2016 to around 2,000 in 2020. Much of the development can be attributed to the former CM Chandrababu Naidu who had the sobriquet “CEO Chief Minister”.
Revanth Reddy’s USA tour
Revanth Reddy’s tour of the United States has come under scrutiny from his political adversaries. Senior leader of the BRS, KT Rama Rao has criticized the alleged drop in IT exports in the last fiscal year, and has taken the credit for the development of Hyderabad’s IT sector in the last decade. The BRS has also alleged that the Telangana government is signing agreements with shady firms, and has questioned the companies which have promised to invest in the state. The CM has shot back, claiming that memorandums being signed by legitimate and trustworthy firms. With much of Hyderabad’s economy hinging on the IT sector, it is important that the city continues to have investments and development in that field.
