Telangana Achieves Remarkable 31.44% Annual Growth with IT Exports Worth Rs 2,41,275 crore

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Minister KTR highlighted the state's commitment to placing Hyderabad at the forefront of the country's IT sector. (File Image/ News18)

Minister KTR highlighted the state’s commitment to placing Hyderabad at the forefront of the country’s IT sector. (File Image/ News18)

The report also highlighted significant IT announcements and establishments in Hyderabad, such as Qualcomm’s expansion of its Hyderabad operations with an investment of Rs. 3904.55 crores

Telangana has witnessed a phenomenal 31.44% annual growth in the IT sector, with IT exports reaching an impressive value of Rs.2,41,275 crore in the fiscal year 2022-23, according to the annual progress report released by the Information Technology, Electronics and Communications (ITE&C) department.

The report was unveiled by Telangana Information Technology Minister KT Rama Rao at T-Hub in Hyderabad’s Hitech City on Monday.

Despite global economic challenges and a slowdown, Telangana has solidified its position as a leading destination for innovation and investment, surpassing the national average growth rate.

Minister KTR highlighted the state’s commitment to placing Hyderabad at the forefront of the country’s IT sector.

He expressed his satisfaction with the progress made, stating, “When we announced our vision to position Telangana at the top of the IT sector, many were surprised. Now, the state government’s relentless efforts have propelled Hyderabad to the pinnacle of India’s IT industry.”

KTR further emphasized the remarkable growth of Telangana’s IT exports, which have increased from Rs. 57,258 crores in 2014 to an astounding Rs. 2,41,275 crore in 2023, even without significant support from the central government.

The employment numbers in the IT sector have also seen substantial growth, rising from 3,23,396 jobs in 2014 to 9,05,715 jobs in 2023. Since the formation of Telangana, the state has created 5,82,319 new direct IT jobs.

The report revealed that Telangana’s IT exports for 2022-23 grew at an impressive rate of 31.44%, surpassing the national average of 9.36% for the same period.

The report also highlighted significant IT announcements and establishments in Hyderabad, such as Qualcomm’s expansion of its Hyderabad operations with an investment of Rs. 3904.55 crores, Google’s construction of its largest campus outside the USA, and ZF’s inauguration of its new software hub.

Several other multinational companies have also made substantial investments in Hyderabad, including Microsoft’s establishment of three additional data centres, AWS’s plan to set up state-of-the-art data centres, and CyberArk’s expansion of its presence in the city.

Furthermore, the report mentioned that the electronics sector has attracted investments of over Rs. 38,000 crores, with the potential to generate employment for 31,000 people in the Electronics and Energy Storage sectors.

Minister KTR expressed his confidence in the future of Hyderabad’s IT industry, stating, “With our current pace and unwavering optimism, we anticipate that within 5 to 10 years, Hyderabad will emerge as India’s largest IT presence, competing with the best in the world.”

The release event was attended by Principal Secretary Jayesh Ranjan, Chief Relations Officer Amarnath Reddy Atmakuri, NASSCOM Director Srikanth Srinivasan, VSEZ Deputy Development Commissioner Srinivasu Kaligotla, and STPI Joint Director Bharath Kumar.

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