Hyderabad’s IT firms under STPI register 13pc growth in H1
Hyderabad: The Telangana IT industry has consistently been clocking a higher than national average growth in its exports in the last few years. In the last financial year itself, the IT industry in the State clocked exports worth Rs 1.45 lakh crore recording 13 per cent growth when compared to the previous year. Continuing this […]
Hyderabad: The Telangana IT industry has consistently been clocking a higher than national average growth in its exports in the last few years. In the last financial year itself, the IT industry in the State clocked exports worth Rs 1.45 lakh crore recording 13 per cent growth when compared to the previous year.
Continuing this momentum, the Software Technology Parks of India (STPI) in Hyderabad has announced that the IT units registered with them have seen 13 per cent in the first two quarters of the current financial year.
“In the first half of the current financial year, the technology companies associated with STPI have seen 13 per cent growth and have clocked in Rs 45,000 crore in terms of exports. This growth is purely with companies associated with STPI and if we add the growth of non-STPI companies I am sure it will be much more,” STPI (Hyderabad) director Ramprasad informed while speaking at the curtain raiser of Hyderabad Software Enterprises Association’s (Hysea) 29th Innovation Summit and Awards meet.
He also added that it is usually in the second half of the financial year that a lot of IT companies witness higher growth compared to the first half. Considering this trend, he added that the overall IT exports from Telangana will once again surpass the national average.
Since the formation of Telangana, the IT exports has seen a compounded average growth rate (CAGR) of 14.25 per cent, up from Rs 57,000 crore in 2014 to Rs 1.45 lakh crore in 2021. “Hyderabad will surely move away from being a low-cost talent hub to an innovation centre with almost 50 per cent of work being done at the Global In-house centres are innovation led,” said Kiran Cherukuri, vice-president, Hysea.
Attrition:
The preference of employees to work from home and rise in digitally skilled workforce is leading to rise in attrition in the IT industry. In Hyderabad alone, the attrition rate is at 20 per cent which is in tandem with the pan-India numbers, according to top IT industry expert.
Hysea president Bharani K Aroll informed that while there has been an increase in fresher hiring in many companies, the attrition has been close to 20 per cent.
“The supply of digitally skilled workforce has grown from 8 per cent about two years ago to 25 per cent currently. However, the demand for such workforce is higher as many companies are going for digital transformation projects. The demand-supply gap is causing hike in attrition and salaries.”
He also added that this trend is likely to continue till December 2022 and asked if the preference to work from home is also a reason for attrition, he replied in affirmative. “About 40 per cent of the IT workforce in Hyderabad is not from the city so many have moved to their native town and they prefer to look out for jobs that offer WFH option,” he said.
Now you can get handpicked stories from Telangana Today on Telegram everyday. Click the link to subscribe.
Click to follow Telangana Today Facebook page and Twitter .
