Telangana IT exports clock 31.44% growth at Rs 2.4 lakh crore in FY23

The Telangana government on Monday said it has recorded an increase of 31.44 per cent in export of information technology (IT) and information-technology-enabled services (ITeS), with the total value standing at Rs 2,41,275 crore for FY 2022-23.

In comparison, the exports stood at Rs 1,83,569 crore during the last fiscal.

''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 state government report said.

The surge of Rs 57,706 crore in the fiscal year 2022-23 is the highest annual rise since the formation of the state, it further said.

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

''Super thrilled to announce that Telangana's IT/ITeS exports have reached a staggering Rs 2,41,275 Crore in FY 2022-23, marking an astounding YoY growth of 31.44%, soaring above the national average growth of 9.36%,'' KTR said.

Telangana is making rapid strides in the IT/ITES sector, positioning itself to exceed the target of Rs 3 lakh crore exports and 10 lakh jobs set in our 2nd ICT Policy 2021-26. The state is on track to achieve these ambitious milestones as early as next year (2024), two years ahead of schedule, the minister said.

Narrating the achievements of the IT and ITeS sector in the state, KTR said Tier-II cities such as Warangal and Karimnagar are emerging as destinations for setting up facilities in the state. Many companies signed MOUs with the state government to set up their offices in cities such as Nizamabad, Siddipet and Nalgonda. Very soon, Tier-II cities in the sState will get more than 2,500 IT jobs, which will in turn create indirect employment for 10,000 people, he added.

The minister said the state has attracted investments of over Rs 38,000 crore with an employment generation potential of 31,000 people in the Electronics and Energy Storage sectors.

As a result of the huge spike in Telangana’s share in recent years, the overall share of the state in India's IT sector employment rose from 9.83 per cent in United AP during 2014, to 16.77 per cent in 2023.

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.