STOCK MARKET BSE NSE

Despite coronavirus, Telangana clocks over Rs 1.28 lakh crore IT exports in 2019-20

The growth rate is more than double the national average of 8.09 per cent and more than two-and-a-half times the rest of the nation's average of 6.92 per cent.

Published: 21st May 2020 07:34 PM  |   Last Updated: 21st May 2020 07:34 PM   |  A+A-

KTR

IT and Industries Minister KT Rama Rao (Photo| Twitter)

By IANS

HYDERABAD: Continuing its impressive performance in the information technology sector, Telangana clocked over Rs 1.28 lakh crore IT exports during 2019-20, a growth of nearly 18 per cent over the previous year.

The state recorded IT exports of Rs 1,28,807 crore, an increase of 17.93 per cent over 2018-19. The growth rate is more than double the national average of 8.09 per cent and more than two-and-a-half times the rest of the nation's average of 6.92 per cent.

The share of Telangana's IT exports from India went up from 10.61 per cent to 11.58 per cent.

The number of jobs in the IT sector in the state went up from 5,43,033 to 5,82,126, a growth of 7.20 per cent compared to national average of 4.93 per cent or rest of the nation's average of 4.59 per cent.

The data shows that the share of Telangana in IT sector employment in the country went up from 13.06 per cent to 13.34 per cent.

Chief Minister K. Chandrashekar Rao congratulated the state IT department for the impressive growth. "This clearly indicates that Telangana is poised to be the preferred destination for IT investments in the future", he said after Minister for IT K.T. Rama Rao and Principal Secretary Jayesh Ranjan presented to him IT exports and employment report for 2019-20.

The Chief Minister also directed the IT department to take all measures and precautions to ensure that the IT Industry functions smoothly, keeping in view of the Covid-19 pandemic.

Rama Rao explained to the Chief Minister that despite the onset of the Covid-19 during the last quarter of 2019-2020, the export growth from Telangana managed to record 17.93 per cent growth for the full financial year.

He said the Hyderabad IT ecosystem has the agility and the resilience to overcome the effects of Covid-19. He pointed out that several investors are actively engaged in discussions with the department and very soon, there will be some announcements.

Hyderabad attracted several marquee investments during the year, including the inauguration of Amazon's world's largest facility at 3 million square feet and Micron's largest R&D centre globally. Tech Mahindra and Cyient have chosen to open their centers in the tier-2 location of Warangal. The government is also promoting the dispersion of the IT around the city with several MNCs showing interest in the eastern part of the city.

The commercial space absorption in Hyderabad during the first two quarters for year 2019-20 topped all metros in India in growth as well as in absolute terms.

Stay up to date on all the latest Telangana news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp