IRIS Business Services to help Telangana hit trillion-dollar economy goal with new tech

In a strategic move aimed at boosting the MSME ecosystem, IRIS Business Services Limited, a global fintech company, has signed a Memorandum of Understanding (MoU) with the Government of Telangana. This collaboration is part of the state’s broader vision to accelerate its economic growth, with a long-term goal of becoming a trillion-dollar economy by 2035. The partnership was sealed during a high-profile event that featured Telangana Chief Minister Revanth Reddy, who unveiled the new MSME policy, and IRIS CEO S Swaminathan, alongside Special Chief Secretary Shri Jayesh Ranjan.

The MoU marks a significant public-private partnership, wherein IRIS will provide cutting-edge technology solutions to aid MSMEs. Under the terms of the agreement, IRIS will create and manage various digital platforms, with the potential for the company to recoup its investments through user charges. Meanwhile, the Telangana government has pledged to offer administrative and policy support to help these initiatives reach as many MSMEs as possible.

The core of the collaboration lies in leveraging data streams generated from India’s ongoing digitisation efforts. Swaminathan noted that IRIS has already identified over a dozen use cases with significant potential for MSME businesses, adding that if these are fully harnessed, Telangana’s ambitious economic goals are well within reach.

IRIS’ initiatives set to revolutionise MSMEs

During the event held at Shilpa Kala Vedika, Swaminathan announced the immediate launch of two initiatives. The first is a sophisticated MSME dashboard designed for government officials to monitor business activity across the state in real time. This tool provides officers with access to vital information, such as GST registrations and cancellations, offering a timely view of the health of businesses. Swaminathan pointed out that while new registrations are cause for celebration, cancellations signal potential job losses and a slowdown in economic activity.

The second initiative is a multi-lingual Invoice Registry Portal that allows MSMEs to generate electronic invoices (e-invoices) in Telugu for free. This development comes on the heels of a decision by the GST Council to expand the e-invoice mandate, covering not just business-to-business (B2B) but also business-to-consumer (B2C) transactions. The portal is expected to provide MSMEs with additional value-added services, driving both efficiency and transparency.

Data-driven solutions as the key to Telangana’s economic vision

Swaminathan elaborated that IRIS’ venture into data applications, which the company refers to as the “Consume” segment, is a natural extension of its current operations. By focusing on data-driven technologies, IRIS is poised to provide MSMEs with tools to compete in an increasingly digital economy. The fintech firm’s new initiatives align with Telangana’s long-term goals, which emphasise the power of data as a driving force behind economic transformation.

Expert opinion: Telangana’s trillion-dollar goal within reach

Telangana’s goal of achieving a trillion-dollar economy by 2035 is ambitious but achievable if initiatives like these are fully supported and optimised. By partnering with a fintech leader like IRIS, the state is making a clear statement about its commitment to digitisation and technological growth. Industry experts believe that the combination of public-private collaboration and data-centric strategies will accelerate MSME development and contribute to the state’s overall economic progress.