The IT/ITES exports from Telangana have crossed Rs 93,000 crore in 2017-18, clocking a growth rate of 9.32% over the previous fiscal, the government announced on Friday.
Information Technology Minister K.T. Rama Rao told the media that the state achieved Rs 93,442 crore IT and IT Enabled Services (ITES) exports which was higher than the national average of 7-9%.
Telangana's IT sector, 98-99% of which is located in Hyderabad, provided employment to an additional 43,417 professionals during last fiscal, taking the total workforce to 475,308.
Releasing the annual report of IT, Electronics and Communications Department on the eve of the fourth Formation Day celebrations of Telangana, Rao said the state was on track to achieve IT exports of Rs 120,000 crore by 2020 and cement its position as go-to destination for the Information Technology industry across the globe.
"The year 2017-18 has been phenomenal with new initiatives being launched which have laid strong foundation for even greater results in years to come," said Rama Rao, who is son of Chief Minister K. Chandrasekhar Rao.
The minister pointed out that the growth in IT/ITES exports had been phenomenal since the formation of Telangana state in 2014.
The IT exports from the youngest state of the country have been growing at CAGR (Compound Annual Growth Rate) of 15.6% since its formation. "This is roughly 150% above the national average of 10.3%," he said.
He recalled that the IT exports from the undivided Andhra Pradesh was Rs 52,258 crore in 2013-14 and when he took over he had set the ambitious target of doubling the exports.
"We are on course to achieve this by completion of fifth year and with the help of the industry and many stake holders," he said.
Rama Rao said this growth in four years resulted in creation of 1.5 lakh new jobs directly in the IT sector during the last four years. The indirect jobs created were anywhere between 3.8 to 4.5 lakh.