Telangana IT exports up 11.3% at ₹2.68 lakh crore; outpaces the nationwide common

Telangana’s IT/ITeS sector exports defied the nationwide development of slowed development, surging by 11.3 per cent within the monetary 12 months 2023-24 to breach the ₹2.68-lakh crore mark. This determine rose additional to ₹2.69 crore by June 2024. The trade additionally added 40,570 new jobs through the interval, showcasing its resilience amidst a difficult financial local weather.

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The State recorded exports of ₹2.41 lakh crore in 2022-23, reflecting a development charge of 31.4 per cent over the exports of ₹1.83 lakh crore in 2021-22.

The State’s development charge in 2023-24 considerably outpaces the nationwide common of three.3%. The sector now employs 9.46 lakh engineers, with a web addition of 40,570 jobs in FY24, reflecting a 4.5% improve in employment.

The State authorities attributes this success to a give attention to high-value, cutting-edge applied sciences like AI, semiconductor design, cybersecurity, and information science. 

Asserting the numbers right here on Sunday, IT and Industries Minister D Sridhar Babu stated that the Authorities goals to double its World Functionality Facilities (GCCs) footprint within the coming years, solidifying its place as a number one tech hub. “With over 200 high GCCs already working in Hyderabad, Telangana is on monitor to double this quantity within the coming years, reinforcing its place as a premier hub for technological innovation and development,” he stated.

He unveiled plans for vital development acceleration over the subsequent three years, with a give attention to innovation and technological development.

The upcoming World AI Summit in Hyderabad on September 5 and 6, 2024, will showcase AI options for varied sectors and supply a platform for start-ups and younger expertise, he stated.

The Minister additionally introduced anticipated overseas funding agreements price ₹16,000 crore, anticipated to be signed throughout upcoming overseas visits by Chief Minister A Revanth Reddy from August 4–11, 2024.