Telangana's IT and ITeS exports rose by 31.44 percent and employment grew by 16.29 percent between FY 2022 and FY 2023, amidst comparisons with Bengaluru as a preferred investment destination.
While in FY22,Telangana's IT and ITeS exports stood at Rs 183,569 crore, it increased to Rs 241,275 crore in FY23, according to the annual report of the State's Information Technology, Electronics and Communication department released on June 5.
Similarly, employment also rose from 778,821 in FY22, to 905,715 in FY23. A total of 126,894 new jobs were generated in the State in the period.
When compared to the rest of the country, Telangana's increase in IT exports stood way above that of the increase in India's IT exports at 9.36 percent, the annual report said.
"The state is making rapid strides in its IT/ ITeS sector exports and employment generation, positioning itself to exceed the target of Rs 3 lakh crore exports and 10 lakh jobs set in the 2nd ICT Policy 2021-26. In fact, Telangana is poised to achieve these ambitious milestones as early as next year (2024), two years ahead of schedule," the report said.
Recently, the state government landed a big ticket investment from Taiwanese contract manufacturing major Foxconn. The firm has started working on setting up a $500 million manufacturing plant in Kongara Kalan, located outside Hyderabad. The plant is expected to create 25,000 direct job opportunities in its initial construction phase.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
