Telangana’s exports of IT/ITeS defied the national trend of slowing growth in the fiscal year 2023–24, surpassing the ₹2.68-lakh crore threshold by rising 11.3%. This sum had increased even further in 2024 to ₹2.69 crore. During this time, the industry also created 40,570 new jobs.

With ₹2.41 lakh crore in exports in 2022–2023, the State showed a growth rate of 31.4% compared to ₹1.83 lakh crore in 2021–2022.

In 2023–24, the State’s growth rate surpassed the 3.3% national average by a considerable margin. Employment growth saw a 4.5% increase, with 40,570 new jobs added, employing 9.46 lakh engineers.

The state government credits this achievement with a concentration on high-value, cutting-edge technologies, including artificial intelligence (AI), semiconductor design, cybersecurity, and data science.

IT and Industries Minister D Sridhar Babu revealed the figures on Sunday and indicated that the government wants to establish itself as a premier tech hub by doubling the size of its Global Capability Centres (GCCs) over the next few years.

Also Read: India is Leading the Way in GCC Expansion: CBRE

Babu said, “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.”

He revealed plans to accelerate growth over the next three years, emphasising innovation and technological advancement.

According to him, the next Global AI Summit, which takes place in Hyderabad on September 5 and 6, 2024, will present AI solutions for various industries and offer a stage for startups and young talent.

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