Hyderabad: As in previous years, Telangana maintained strong performance in IT exports and IT employment during the Financial Year 2023-24. While the country experienced a single-digit growth rate, Telangana’s IT exports rose by 11.28%.
The state’s IT/ITeS exports reached Rs 2.70 lakh crore in 2023-24, with employment rising to 9.5 lakh, an increase of about 45,000 jobs compared to the previous financial year.
In the 2022-23 financial year, Telangana’s IT sector experienced remarkable growth, with IT exports reaching Rs 2,41,275 crore. This represents a substantial 31.44% increase, significantly surpassing the national growth rate of 9.36%. Employment in the state’s IT sector also saw notable growth, rising from 7,78,121 in 2021-22 to 9,05,715 in 2022-23.
As of March 31, the state’s IT exports were valued at Rs 2.70 lakh crore and further increased to Rs 2.9 lakh crore by June, according to IT Minister D Sridhar Babu. He highlighted that while Bengaluru leads the country with Rs 7 lakh crore in IT exports, Hyderabad ranks second. Babu expressed confidence that Hyderabad will overtake Bengaluru in the next three years, with a roadmap in place to increase the IT exports growth rate from 11.28% to 25%.
On Saturday, the IT Minister unveiled the website for the upcoming global AI summit in Hyderabad, scheduled for September 5 and 6. The summit will focus on leveraging AI solutions across various sectors and will include demonstrations, expert talks, seminars, and more.
With the development of Artificial Intelligence City, Hyderabad aims to become a global AI hub. Addressing concerns that AI might impact the jobs of coding engineers, the Minister assured that the Telangana government is taking steps to transform approximately 2 lakh coding engineers into AI experts.
