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Telangana’s IT exports increases over 17% from previous fiscal year

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Telangana's IT exports increases over 17% from previous fiscal year

K Chandrasekhar Rao, Chief Minister of Telangana congratulated KT Rama Rao, IT Minister and Jayesh Ranjan, Principal Secretary as the IT exports of the state crossed a landmark of Rs 1,28,807 crore in 2019-20, a 17.03 percent increase from the previous fiscal. Despite COVID crisis affecting the final quarter of the fiscal, Telangana’s IT exports stood way ahead of the national average of 8.09 per cent whereas the rest of the nation’s average of 6.02 percent.

Considering the IT export data, Telangana has become the destination of choice for IT majors. Moreover, as per the trends, Telangana’s employment rate is also on the rise growing at 7.2 percent compared to the national average of 4.93 percent.

Telangana's IT exports increases over 17% from previous fiscal year

Telangana’s statistics of employment growth rate was about 50 percent more than the rest of the national rate. However, the State’s share of exports in India grew from 10.61 percent in 2018-19 fiscal to 11.58 percent in the following fiscal. The State’s share of employment in the country grew from 13.06 percent to 13.34 percent in 2019-20. The share of Telangana in Indian export growth for the year 2019-20 stood at 23.53 percent.

The IT Minister said that IT ecosystem has the resilience to overcome the effects of Covid-19 and highlighted that many investors are actively engaged in discussion with the department. Hence, the department will release the progress report on June 1, listing out all the achievements made during previous fiscal. This will be the sixth year in a row that the department has released the progress report.

The Minister said that in the previous fiscal of 2019-20, several marquee investments took place in Hyderabad, including Amazon’s world’s largest facility in three million sqft and Micron’s largest research and development centre. The State is also promoting dispersion of the IT across Hyderabad with several MNCs showing interest in the eastern part, he said, while pointing out that the commercial space absorption during the first two quarters of 2019-20 topped all the metros in the country.

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