The IT and ITeS companies from Telangana have clocked exports to the tune of ₹85,470 crore in the financial year 2016-17 as against ₹75,070 crore last year, with a growth rate of 13.85 per cent.

“We are well on course to achieve the export target of ₹1.20 lakh crore by 2020,” Telangana IT and Industry Minister KT Rama Rao has said.

Releasing the performance report for the IT department during 2016-17 here, he said the growth rate was much higher than the projected national growth rate of 10 per cent. Shrugging off doubts and concerns, the State could regain the lost momentum and increase the growth rates despite the issues that the industry was facing globally.

“We are confident of achieving the ₹1.20 lakh crore target by 2020 with the industry growing at a CAGR (compounded annual growth rate) of 16 per cent,” he said.

He said the State was readying the world’s biggest technology incubator in Hyderabad. The 3 lakh sq ft facility, being taken up under the second phase of T-Hub, could house 3,000 entrepreneurs. “It would be ready in the first quarter of 2018,” he said.

In the first phase of T-Hub, about 250 start-ups registered a combined turnover of ₹100 crore and raised funding (both equity and debt) of ₹24 crore, he said.

LED park He said the government would set up an LED Park in Medak district to house companies that manufacture various LED products.

Microsoft, Tech Mahindra and Virinchi have received awards for the best revenue earning firms in the products, services and the SME categories. Oracle and Deloitte have been selected for the best in employment awards in the products and services companies. Infosys received the best in exports among services companies.

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