IT exports from Karnataka up 27% to Rs 3.2 lakh crore in 2022-23

Bengaluru, 30 November: IT exports from Karnataka grew 27 per cent to Rs 3.2 lakh crore in the last financial year (FY23), contributing around 42 per cent of total exports from India.

This data has been shared by the Karnataka IT Minister, Priyank Kharge at the 26th edition of Bengaluru Tech Summit 2023.

Bengaluru Tech Summit, which is being held from November 29 to December 1, is the flagship event of Karnataka government related to information technology and biotechnology sectors.

According to data shared by Software Technology Parks of India (STPI), India’s IT exports stood at Rs 7.8 lakh crore in FY23.

Apart from contributing significantly to IT exports, Karnataka has also emerged as one of the key states in promoting startups in the country. The state is home to around 14,000 startups with a combined valuation of $164 billion. Out of 100 unicorns, around 40 unicorns have their headquarters in Karnataka. Unicorns are those startups, whose valuation is $1 billion or more.

The IT Minister of Karnataka also highlighted the state’s role in housing Global Capability Centres (GCCs), which is home to around 40 per cent of such centres.

According to a report by NASSCOM and Zinnov, India has more than 1,580 GCCs with a total market size of $46 billion. With rapid growth, the country is likely to house more than 2,500 such technology centres with a market size of $110 billion by 2030.

According to the state government, Karnataka is home to over 5,500 IT/ITes companies and around 750 multinational corporations.

IT industry currently employs around 12 lakh professionals directly in the state. It has also created 31 lakh indirect jobs, the state government data showed.

Apart from IT, biotechnology sector also has a strong presence in Karnataka. The state contributes around 40 per cent of total biotech sector that has a current market size of about $80 billion.

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