Telangana registered a stunning growth of 31.44 per cent in IT and ITeS exports, far beyond the national average growth of 9.36 per cent, in the past financial year. In addition, out of the 2,90,000 jobs created in India last year in this sector, 1,27, 594 were in Hyderabad.
The announcement came at a time when the state is celebrating ten years of its formation with 21 days of festivities. In 2014, Telangana’s IT exports was just 57,258 crore. But nine years later, the IT exports grew in just year (between 2021-22 and 2022-23) by 57,706 crore. Its IT employment also rose from 3,23,396 in 2014 to 9,05,715 in 2023.
The state’s IT Minister KT Rama Rao, who has handled the portfolio since 2014, said “explosive” was the best way to describe the growth witnessed by the state while releasing the annual progress report of IT, Electronics and Communications department. The release of the report had been postponed for a day due to the train accident at Balasore.
“Super thrilled to announce that Telangana’s IT/ITeS exports have reached a staggering Rs 2,41,275 crores in financial year 2022-23, marking an astounding year-over-year (YoY) growth of 31.44 per cent soaring above the national average growth 9.36 per cent,” said KT Rama Rao.
Despite the global recession and slowdown the state not only maintained its growth rate but surpassed the national average. It was sweet revenge for the state to surpass the national average since the state government had blamed the Centre for refusing to grant it the IT investment region (ITIR) which would have contributed to further growth.
“Telangana is making rapid strides in the IT/ITeS sector, positioning itself to exceed the target of Rs 3 lakh crore exports and 10 lakh jobs set in our second ICT policy 2021-26. We are on track to achieve these ambitious milestones as early as next year (2024) two years ahead of schedule,” said Rao.