TS IT exports zoom 26% to 1.83 lakh cr in FY22

Hyderabad: Telangana once again boasted a phenomenal growth in the information technology (IT) and IT enabled services (ITeS) sector with an increase of 26.14 per cent in the IT/ITeS exports at Rs.1,83,569 crore in financial year 2021-22 against Rs 1,45,522 crore in the previous fiscal, said State IT Minister KT Rama Rao, while launching IT Progress Report 2021-22 at Tech Mahindra.

The national IT exports grew at 17.2 per cent while our State has seen a significantly higher rate. When we started as a new born State in 2014, our IT exports were Rs 57,258 crore and our IT employment was 3,23,397. Since the formation of the State, we have been able to achieve a CAGR (compound annual growth rate) of 15.67 per cent, he informed.

As per the Information Technology Investment Region (ITIR) estimates, the IT exports for the United State of AP were supposed to reach Rs 2,09,221 crore by 2035. Going with our progress rate, Telangana IT exports will cross the 2035 projections by 2025 despite the no ITIR support lent. That is we will reach the 25 year target in 15 years.

Also, the ITIR projections assumed a National GDP growth between 6 per cent (pessimistic) and 7.5 per cent (optimistic) over the 25 year timeframe. When Telangana was formed, there were 3,23,396 people working in the IT/ITeS sector. Today, the total employment in the IT sector is 7,78,121. In net, we have added 4,54,725 new jobs in this sector over the last eight years. The employment in the IT/ITeS sector has also increased by 23.78 per cent with 1,49,506 net new jobs to reach 7,78,121 in FY22 period over 6,28,615 jobs during a year ago period. As per the estimates by Nasscom, a total of 4,50,000 net new jobs were added to the IT sector across India. Telangana alone contributed to one-third of these net new jobs.