Telangana IT exports outstrip natl rate, spiral to Rs 2.4 lakh crore

HYDERABAD: Amid fears of a global recession, Telangana logged in its highest ever IT exports, registering a growth of 31.4% in 2022-23. The 'start-up state', as Telangana is often called, has far outstripped the 9.36% national IT exports growth rate.
The youngest state's IT exports grew to Rs 2.41 lakh crore in the financial year 2023, from Rs 1.83 lakh crore in 2021-22, a Rs 57,706 crore jump.

This was announced by IT & industry minister KT Rama Rao on Monday. In FY22, Telangana had recorded a 26% jump in IT exports.
Telangana's achievement can be gauged from the fact its IT exports growth this year is higher than the state's entire IT exports in 2014.
And at a time when the tech sector globally is grappling with layoffs, Telangana added as many as 1.27 lakh new IT jobs in 2023 to take the total number of direct IT jobs in the state to more than 9.05 lakh, witnessing a 16.29% growth. The sector employed more than 3.23 lakh people in 2014 in the state.
With this, Telangana's share of the net new employment in India's IT sector, which added an estimated 2.9 lakh jobs, rose to 44% in FY23 from 33% in FY22.
Terming the FY23 IT exports growth as "explosive" and the brightest feather in the state's cap, KTR said it proves that Telangana has arrived as the top global IT/ITeS destination.
KTR said in the last decade when the country added 2.1 million net new jobs in the IT sector, Telangana added over 5.8 lakh jobs, putting state's share in net new IT sector employment at 27.6% since 2014.
We have seen investments from large and mid-scale companies that have chosen Telangana and Hyderabad as their entry point into India. Existing companies are also expanding their operations," KTR said while unveiling the ITE&C department's annual report.
While admitting that currently most of the state's IT sector and growth is concentrated in Hyderabad, he said the state government's model of overall growth is aimed at propagating IT sector development in Tier-II cities like Warangal, Karimnagar for projects.
"We have narrowed the gap with Bengaluru and should be second now. When we started our journey in 2014, Bengaluru was over three times bigger. Two years ago we brought this down to 2.5X and in FY23 I am sure it has come down significantly," said IT principal secretary Jayesh Ranjan.