Minister KTR highlighted the state’s commitment to place Hyderabad at the forefront of the country’s IT sector. (File image/News18)
The report also highlighted major IT announcements and establishments in Hyderabad such as Qualcomm’s expansion of its Hyderabad operations with an investment of Rs. 3904.55 crores
Telangana has witnessed a phenomenal 31.44% annual growth in the IT sector, with IT exports reaching an impressive value of Rs.2,41,275 crore in FY 2022-23, according to report by annual progress published by the Information Technology, Electronics and Communications Department (ITE&C).
The report was launched on Monday by Telangana’s Information Technology Minister KT Rama Rao at T-Hub in Hyderabad’s Hitech City.
Despite global economic challenges and slowdown, Telangana has cemented its position as a leading destination for innovation and investment, outpacing the national average growth rate.
Minister KTR highlighted the state’s commitment to place Hyderabad at the forefront of the country’s IT sector.
He expressed his satisfaction with the progress made, stating, “When we announced our vision to position Telangana at the top of the IT sector, many were surprised. Now, the unremitting efforts of the state government have brought Hyderabad to the top of India’s IT industry.”
KTR further emphasized the remarkable growth of Telangana’s IT exports, which increased from Rs. 57,258 crore in 2014 to a staggering Rs. 2,41,275 crore in 2023, even without significant support from the central government.
Employment figures in the IT sector have also seen substantial growth, rising from 3,23,396 jobs in 2014 to 9,05,715 jobs in 2023. Since the formation of Telangana, the state has created 5,82,319 new direct jobs in IT.
The report revealed that Telangana’s IT exports for 2022-23 grew at an impressive rate of 31.44%, beating the national average of 9.36% for the same period.
The report also highlighted major IT announcements and establishments in Hyderabad such as Qualcomm’s expansion of its Hyderabad operations with an investment of Rs. 3904.55 crore, Google’s construction of its largest campus outside the US and ZF’s opening of its new software center.
Several other multinational companies have also made substantial investments in Hyderabad, including the establishment of three additional data centers by Microsoft, AWS’s plan to establish state-of-the-art data centers, and the expansion of CyberArk’s presence in the city.
Furthermore, the report mentioned that the electronics sector has attracted investments of more than Rs. Rs 38,000 crore, with the potential to generate employment for 31,000 people in the Electronics and Energy Storage sectors.
Expressing confidence in the future of Hyderabad’s IT industry, Minister KTR stated, “With our current pace and unwavering optimism, we anticipate that within 5-10 years, Hyderabad will emerge as the largest IT presence in India, competing with the best in the world. “
The launch event was attended by Chief Secretary Jayesh Ranjan, Relations Director Amarnath Reddy Atmakuri, NASSCOM Director Srikanth Srinivasan, VSEZ Development Deputy Commissioner Srinivasu Kaligotla and STPI Joint Director Bharath Kumar.