Telangana IT exports clock 11% growth rate to Rs 2.68 trn in FY24

Telangana's total exports in the Information Technology sector reached Rs 2,68,233 crore during the last financial year, reflecting an 11.2 per cent increase from the previous year. This growth rate significantly outpaces the national average growth of 3.3 per cent.

An official release from the state government said the sector now supports over 9.46 lakh professionals with a net addition of over 40,000 jobs in FY24, representing a 4.5 per cent increase in employment, it said.

Telangana is one of the fastest-growing states in the nation and wants to keep up this momentum by concentrating on high-value, cutting-edge technologies such as artificial intelligence (AI), semiconductor design, cybersecurity, and data science, it said.

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 is on track to double this number in the coming years, reinforcing its position as a premier hub for technological innovation and advancement, it further said.

Telangana's exceptional growth in IT/ITeS exports, even amid national challenges, highlights 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, IT Minister D Sridhar Babu said.

Meanwhile, Sridhar Babu on Saturday unveiled the website for the Global AI Summit, scheduled to be held here on September 5 and 6, 2024. The summit aims to leverage AI to address population-scale challenges across governance and industry sectors.

Furthermore, Minister Sridhar Babu disclosed 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, the release added.