Telangana’s IT/ITeS sector exports defied the national trend of slowed growth, surging by 11.3 per cent in the financial year 2023-24 to breach the ₹2.68-lakh crore mark. This figure rose further to ₹2.69 crore by June 2024. The industry also added 40,570 new jobs during the period, showcasing its resilience amidst a challenging economic climate.
The State recorded exports of ₹2.41 lakh crore in 2022-23, reflecting a growth rate of 31.4 per cent over the exports of ₹1.83 lakh crore in 2021-22.
The State’s growth rate in 2023-24 significantly outpaces the national average of 3.3%. The sector now employs 9.46 lakh engineers, with a net addition of 40,570 jobs in FY24, reflecting a 4.5% increase in employment.
The State government attributes this success to a focus on high-value, cutting-edge technologies like AI, semiconductor design, cybersecurity, and data science.
Announcing the numbers here on Sunday, IT and Industries Minister D Sridhar Babu said that the Government aims to double its Global Capability Centers (GCCs) footprint in the coming years, solidifying its position as a leading tech hub. “With over 200 top GCCs already operating in Hyderabad, Telangana is on track to double this number in the coming years, reinforcing its position as a premier hub for technological innovation and advancement,” he said.
He unveiled plans for significant growth acceleration over the next three years, with a focus on innovation and technological advancement.
The upcoming Global AI Summit in Hyderabad on September 5 and 6, 2024, will showcase AI solutions for various sectors and provide a platform for start-ups and young talent, he said.
The Minister also announced anticipated foreign investment agreements worth ₹16,000 crore, expected to be signed during upcoming foreign visits by Chief Minister A Revanth Reddy from August 4–11, 2024.