KTR: Formula E boosted Hyderabad’s global image, rejects corruption allegations

Hyderabad: Amid allegations concerning irregularities in the Formula E race, BRS party working president KT Rama Rao (KTR) has defended his efforts to elevate Hyderabad’s global image, especially through the Formula E race. The BRS Working President held a press conference at Telangana Bhavan to address allegations surrounding the Formula-E race in Hyderabad on Thursday.

Addressing the allegations KTR said “If anyone intends to imprison me out of political vendetta for bringing investments to Hyderabad, creating an incredible brand for the city, and generating employment opportunities through these investments, I will not back down.”

Responding to allegations of financial mismanagement, KTR clarified that around Rs 40 crore was spent by the government on the Formula E event. He explained that the Formula E race was not just a race but part of a week-long series of events under the Telangana E-Mobility Week, which drew numerous companies to consider investing in Telangana.

He further added “the Formula E event brought approximately Rs 700 crore in economic benefits and attracted investments worth around Rs 15,000 crore, creating thousands of job opportunities. He further noted that the funds were part of a tripartite agreement with Hyderabad’s urban development body HMDA, FIA, and sponsors”.

KTR emphasized that the Telangana government had made the decision to fund the Formula E race to boost Hyderabad’s brand, attract investments, and create employment opportunities. He clarified that he personally took responsibility for any administrative matters related to the event’s funding and operation.

KTR details Economic benefits of Formula E for Hyderabad

KTR highlighted that the Telangana government spent around Rs 50 crore to bring the Formula E race to Hyderabad, and according to studies by global firms like Nielsen, the event generated an estimated Rs 700 crore in benefits for the city. He also pointed out that the race helped increase Hyderabad’s visibility in over 49 countries, attracting major investments and promoting the city as a hub for electric vehicle technology and manufacturing.

In response to Revanth Reddy’s allegations, KTR clarified that no corruption was involved in the event, with all financial transactions being transparent and approved by relevant authorities. He stressed that the initiative was solely intended to boost Hyderabad’s brand image, promote sustainable mobility, and encourage investments in electric vehicles.

KTR defended the government’s decision to bring the race to Hyderabad, explaining that the Formula E event was a strategic move to position the city as a key player in the global electric vehicle market. He drew comparisons to similar large-scale events in other countries, like the Commonwealth Games and Formula 1 race in Greater Noida, which also involved substantial government spending.

KTR reaffirmed his commitment to continue advocating for the people of Telangana and to work towards enhancing Hyderabad’s global standing, despite political distractions and baseless criticisms. He reiterated, “If they want to file a case, let them. I’ll go to jail for two months and come back stronger, ready to continue the fight for Telangana’s future.”