The Telangana IT industry has consistently been clocking a higher than national average growth in its exports in the last few years. In the last financial year itself, the IT industry in the State clocked exports worth Rs 1.45 lakh crore recording 13 per cent growth when compared to the previous year.
“In the first half of the current financial year, the technology companies associated with STPI have seen 13 per cent growth and have clocked in Rs 45,000 crore in terms of exports. This growth is purely with companies associated with STPI and if we add the growth of non-STPI companies I am sure it will be much more,” STPI (Hyderabad) director Ramprasad informed while speaking at the curtain raiser of Hyderabad Software Enterprises Association’s (Hysea) 29th Innovation Summit and Awards meet.
He also added that it is usually in the second half of the financial year that a lot of IT companies witness higher growth compared to the first half. Considering this trend, he added that the overall IT exports from Telangana will once again surpass the national average.
Since the formation of Telangana, the IT exports has seen a compounded average growth rate (CAGR) of 14.25 per cent, up from Rs 57,000 crore in 2014 to Rs 1.45 lakh crore in 2021. “Hyderabad will surely move away from being a low-cost talent hub to an innovation centre with almost 50 per cent of work being done at the Global In-house centres are innovation led,” said Kiran Cherukuri, vice-president, Hysea.