TS IT exports zoom to Rs 2.41L cr in FY23

Hyderabad Registering the highest-ever growth, Telangana recorded an increase of Rs57,706 crore or 31.44 per cent in exports of IT,ITeS at Rs2,41,275 crore for 2022-23 financial year as against Rs1,83,569 crore during the last fiscal. In 2013-14, IT exports from Telangana were Rs57,258 crore.

“The surge of Rs57,706 crore in the fiscal year 2022-23 is the highest annual rise since the formation of the State. Telangana witnessed a remarkable increase in IT/ITeS exports, reaching a staggering Rs 2,41,275 crore during the fiscal year 2022-23. This represents an astounding growth of 31.44 per cent compared to the previous financial year,” a latest report from the State government said.

Telangana has not only maintained the growth, but also surpassed the national average growth solidifying the position, Telangana IT Minister KT Rama Rao said after releasing the ninth report since the formation of Telangana State.

Telangana added 1,27,594 new jobs during the financial year 2022-23, bringing the total IT/ITeS employment to 9,05,715. This represents an impressive year-on-year increase of 16.29 per cent compared to the FY 2021-22, the report said.

With the latest numbers, the State’s contribution in creating software jobs in India rose to 44 per cent compared to one in three jobs created in 2021-22, said KTR.

Despite Covid-19 impact and no support from the Centre, Telangana State has achieved all these remarkable numbers under the able leadership of Chief Minister K Chandrashekhar Rao, he added. “Further, the Centre scrapped the ITIR project. Despite these challenges, Telangana attracted new investments due to a stable government. I appeal to the youth to grab all the opportunities coming in Telangana. For youth from other States, relocating in Telangana can be a challenge, but for Telangana youth, it should be a boon,” said KTR.

The net new IT employment in India 21.10 lakh during 2014-23, while it's 5,82,319 in Telangana reflecting the State's share at 27.6 per cent. Overall share of Telangana in Indian IT sector rose to 16.77 per cent in 2023 from 9.83 per cent in United AP in 2014.

IT’s Thundering

• Electronics sector attracted Rs38,000-cr investments
• Rajesh Exports Rs24,000 cr
• Amara Raja Batteries Rs 9,500 cr
• Allox Advance Materials Rs 210 cr
• Foxconn (100,000 jobs)
• Qualcomm investing Rs3,904.55 cr
• T-HUB 2.0 & T-Works take off
• California-based EV company Fisker has set-up their India HQ
• Callaway Golf Company sets up DigiTech facility
• Google building its largest campus

All these growth and achievements in the IT sector would have a ripple effect on other sectors. The cascading impact would be on the residential, construction sector, transportation, entertainment, hospitality and others

- KT Rama Rao, IT Minister