Telangana’s IT Sector Exceeds Rs 2.68 Lakh Crore in Exports, Outpacing National Growth

Telangana’s Information Technology sector achieved total exports worth Rs 2,68,233 crore in the last financial year, marking an 11.2 percent increase from the previous year. This growth rate surpasses the national average growth of 3.3 percent. According to an official release from the state government, the sector now employs over 9.46 lakh professionals, with a net addition of over 40,000 jobs in FY24.

This represents a 4.5 percent increase in employment. Telangana, a rapidly growing state, aims to maintain its momentum by focusing on high-value, cutting-edge technologies such as artificial intelligence (AI), semiconductor design, cybersecurity, and data science. The state’s strategic focus includes expanding its footprint of Global Capability Centres (GCCs), Centres of Excellence (CoEs), and Global Business Support Centres (GBSCs).

With over 200 top GCCs already operating in Hyderabad, Telangana plans to double this number in the coming years, solidifying its position as a premier hub for technological innovation and advancement.

Minister D Sridhar Babu stated, “Telangana’s exceptional growth in IT/ITeS exports, even in the face of national challenges, demonstrates our commitment to becoming the leading hub for technology and innovation.

As we prepare to host the Global AI Summit, we are laying the groundwork for Hyderabad to emerge as the AI capital of India and a global leader.” In addition, Minister Sridhar Babu unveiled the website for the Global AI Summit, scheduled to be held on September 5 and 6, 2024.

The summit aims to utilize AI to address population-scale challenges across governance and industry sectors. Furthermore, Minister Sridhar Babu mentioned that his visit to the USA and South Korea between August 4 and 11 is expected to result in investment MoUs worth Rs 16,000 crore.