Telangana IT, ITeS exports up 26 per cent at ₹1.83 lakh crore in FY22

BL Hyderabad Bureau | | Updated on: Jun 01, 2022
K T Rama Rao,  Minister of IT and Industries, Government of Telangana

K T Rama Rao,  Minister of IT and Industries, Government of Telangana | Photo Credit: NAGARA GOPAL

Adds 1.49 lakh new jobs

The IT and ITeS exports from Telangana grew 26 per cent at ₹1,83,569 crore during the year ended March 31, 2022, compared to ₹1,45, 522 crore in the previous financial year. 

Speaking after formally releasing the IT Progress Report 2021-22 here on Wednesday, K T Rama Rao, Minister of IT and Industries, Government of Telangana, said employment in the IT/ITeS sector has also increased by 23.78  per cent to 7,78,121 during FY22 with an addition of 1,49,506 net new jobs. 

As per estimates by NASSCOM, approximately 4.5 lakh net new jobs were added to the IT sector nationwide. Telangana contributes to a third of the net new national employment in the sector. 

National exports (including that of Telangana) grew at 17.2 per cent, while Telangana alone grew at a significantly higher rate of 26.14 per cent. 

“When we started as a new State in 2014, our IT exports were ₹57,258 crore and our IT employment was ₹3,23,397 crore. Since the formation of the new State, we have been able to achieve a CAGR of 15.67 per cent,” Rao said. 

Important investments

Speaking on investments, the Minister said Goldman Sachs plans to grow to a headcount of 2,500 in three years. Consumer electronics manufacturer OnePlus has also made Hyderabad a hub for making smart TVs in India.

“The world’s leading open innovation platform, Plug And Play, has set up its centre in Hyderabad after our meeting in France. MassMutual, a global leader in insurance services, inaugurated a 2,000-employee facility in Nanakramguda,’‘ he said.

Referring to growth in tier-II locations in the State, Rao said that Softpath, Quadrant started their operations in the Warangal IT Tower/Incubation Centre. 

“Several institutions in the emerging technologies space have made Telangana a preferred destination too,’‘ Rao said, adding, “The number of startups in Telangana had increased from 400 in 2016 to 2,000 now. T-Hub will further boost growth in this ecosystem.’‘  

Published on June 01, 2022
COMMENTS
This article is closed for comments.
Please Email the Editor

You May Also Like

Recommended for you