Telangana’s IT exports continue to rise, see 11.28% jump in FY 2023-24
While the country registered single-digit growth rate, IT/ITeS exports of Telangana were valued at Rs 2.70 lakh crore
Hyderabad: Like all these years, Telangana continued its good performance in IT exports and IT employment in the Financial Year 2023-24. While the country registered a single-digit growth rate, Telangana’s IT exports increased by 11.28 per cent.
The State IT/ITeS exports were valued at Rs 2.70 lakh crore in 2023-24, and employment increased to 9.5 lakh with an addition of about 45,000 jobs compared to the last financial year.
In the 2022-23 financial year, Telangana’s IT sector demonstrated impressive growth, with IT exports totaling Rs 2,41,275 crore. This represents a significant increase compared to the national growth rate, with Telangana’s IT exports growing by 31.44 per cent, far exceeding the national average of 9.36 per cent.
Employment in the State’s IT sector also saw substantial growth, increasing from 7, 78,121 in 2021-22 to 9,05,715 in 2022-23. Till March 31 this year, the IT exports were valued at Rs 2.70 lakh crore and it increased to Rs 2.9 lakh crore till June, IT Minister D Sridhar Babu said.
“With Rs 7 lakh crore IT exports, Bengaluru leads the country and Hyderabad stands second. In the next three years, we will overtake Bengaluru in IT exports,” Sridhar Babu said, adding that a roadmap was prepared to increase the IT exports growth rate from 11.28 per cent to 25 per cent.
On Saturday, the IT Minister unveiled the website for the global AI summit to be held in Hyderabad on September 5 and 6. The AI summit was aimed at leveraging AI solutions in different sectors. It will feature demonstrations, expert talks, seminars, etc.
With the advent of Artificial Intelligence City, Hyderabad will emerge as an AI hub not just in the country but in the world. With the apprehensions that AI would impact the jobs of many coding engineers, the Telangana government was establishing AI City, the Minister said, adding that “about 2 lakh coding engineers will be developed into AI experts.”
