Telangana IT, ITeS exports up 31% to Rs 2.41 lakh crore in FY23

Hyderabad, June 6 (KNN) Telangana’s Information Technology (IT) and ITeS exports have marked an increase of 31.44 per cent to touch Rs 2, 41,275 crore in the financial year ended March 2023.

During the release of the annual progress report of the IT, Electronics and Communications department on Monday, state’s Minister for IT and Industries K. T. Rama Rao said that when compared to the Rs 1,83,569 crore exports registered during the previous fiscal, this is an increase of Rs 57,706 crore.

As per reports, the increase in IT exports is more than the total IT exports that undivided Andhra Pradesh registered over almost three decades. In the nine years since the state came into existence, IT exports have more than quadrupled at a compounded annual growth rate (CAGR) of 17.31 per cent.

The Minister pointed out that Telangana has consolidated its position as a leading destination for innovation and investment, something evident from the number of globally leading firms who are investing in the State, including setting up their largest technology development centre outside of the their headquarters.

In terms of jobs, the cumulative IT employment in the State in 2022-23 stood at 9,05,715 as compared to 7,78,121 people in FY-22.  (KNN Bureau)