10 years of Telangana: IT exports register staggering 321 pc growth since 2014

HYDERABAD: Telangana's IT/ITeS exports have reached a staggering Rs 2,41,275 crores during 2022-23, marking an astounding YoY growth of 31.44 percent, soaring above the national average growth of 9.36 per cent, Telangana IT and Industries Minister KT Rama Rao (KTR) has announced. The minister on Monday released the annual report on the performance of the IT sector in Telangana for 2022-23 at T-Hub.

Speaking on the occasion, an elated KTR said that Telangana IT exports increased from Rs 57,258 crore in 2014 to 2,41,275 crore in 2023, which meant the exports more than quadrupled or registered an increase of 321 percent, at a compounded annual growth rate (CAGR) of 17.31 percent since the formation of the state.

As per the annual report on IT performance, IT exports from the state increased from Rs 1,83,569 crore in 2021-22 to Rs 2,41,275 crore in 2022-23. This surge of Rs 57,706 crore is the highest annual rise since the formation of Telangana. The State is making rapid strides in the IT/ITES sector, positioning itself to exceed the target of Rs 3 lakh crore exports and 10 lakh jobs set in the second ICT Policy 2021-26. The State is on track to achieve the ambitious milestones by 2024, two years ahead of schedule.

In terms of jobs creation, KTR, while quoting from the report, said that Telangana’s IT employment rose from 3,23,396 in 2014 to 9,05,715 in 2023. Similarly, the numbers increased to 7,78,821 in 2021-22 to 9,05,715 in 2022-23. A total of 1,27,594 new IT jobs were generated during 2022-23, bringing the total employment in the sector to 9,05,715. This represents a remarkable year-on-year increase of 16.29 percent, which shows Telangana's exceptional contribution to India's IT sector growth and employment. Since the formation of Telangana, 5,82,319 new direct IT jobs have been created in the newest state of the country.

The report also states that the State’s IT employment almost tripled and each direct job resulted in over three indirect jobs. In the financial year 2022-23, out of the total 2,90,000 new IT jobs created in India, a whopping 44 percent of them amounting to 1,27,594 jobs, were contributed by Telangana.

Prior to the formation of the state, the IT Minister said, the total IT employment in India was 32,90,000. And the total IT employment in the erstwhile undivided Andhra Pradesh was 3,23,396. This computes to a share of 9.83 percent for the erstwhile AP (AP & Telangana) in India during 2014. In the last nine years since Telangana formation, the net new employment in India is 21,10,000. During the same corresponding period, the net new employment in Telangana is 5,82,319 which means the share of Telangana in net new employment since 2014 is 27.6 percent. The share of Telangana during the financial year 2023 in India is at a staggering 44 percent (1,27,594 out of 2,90,000 jobs). Even during financial 2022, the share of Telangana was a very impressive 33 percent, KTR informed.