IT exports from Telangana will exceed Rs 2.2 lakh crore for 2022-23

Information Technology (IT) exports from Telangana are likely to exceed Rs. 2.2 lakh crore for FY2023-24, a 20 per cent growth from the previous fiscal year’s export figure of Rs. 1.83 lakh crore, according to sources in IT department.

“IT exports from the state are expected to grow by 20-25 percent. We are seeing similar growth rates to last year when exports grew 26 percent. Final annual IT export figures are being compiled,” said an official who asked not to be named.

“In terms of job creation, too, we expect a similar trend for fiscal 2022-23,” the official said.

Of the 4.5 lakh jobs created nationwide in the IT sector in 2021-22, Hyderabad accounted for 1.53 lakh, more than a third of the total, beating Bengaluru, which accounted for 1.48 lakh jobs . Mumbai, Pune, Chennai, Delhi-NCR and other Tier 2 cities accounted for the remainder.

According to the IT and communications department, the growth rate in job creation was 24 percent in 2021-22, with over 6.28,000 jobs created in 2020-21, with the addition of over 1.53,000 being the highest addition in a fiscal year for the condition. Overall, the IT/ITeS sector has seen employment growth of 140 percent since 2013-14.

According to the data, IT exports for 2020-21 totaled Rs. 1.45 lakh-crore, with the Rs.38,046 crore increase in 2021-22 marking the highest single-fiscal sales increase.

Telangana in its second ICT policy (2021-26) has set a target of exports of Rs. 3 lakh crore and create 10 lakh jobs in the industry.

Hyderabad, the IT hub of the state, is home to 1,500 IT and ITeS companies and is home to brands such as Google, Microsoft, IBM, AMD, Micron, SAP, Infosys, Cyient, Amazon, Intel, Qualcomm, Uber, Facebook, TCS, HP, Apple, Deloitte, Accenture, GE, Dell and Hyundai to name a few.

The state is also making efforts to bring IT to Tier 2 cities of Warangal, Karimnagar, Khammam, Nizamabad, Mahbubnagar, Siddipet and Nalgonda by offering special incentives to businesses under the Government’s Growth in Dispersion (Grid) policy.

India’s software services companies are also expected to see a decrease in the turnover rate in the coming quarter due to the impact of the hiring freeze. It is currently at 20 percent.

The exuberance of the IT industry in the city is also reflected in the real estate industry.

According to property consultant Knight Frank India, Hyderabad recorded sales of 8,300 residential units in the first three months of 2023, up 19 percent from the same period in 2022. New store openings were also estimated at 10,986 units, seven per cent higher than 2022.

The report found that Hyderbad’s housing market is a mix of end-users and investors, similar to Bengaluru, with a lion’s share of end-users coming from the IT sector.

In 2022-23, Hyderabad recorded 44,577 new housing units, up from 36,642 units in 2021-22, with a growth rate of 21.6 percent. An average of 11,144 units were brought onto the market per quarter.

In terms of sales, 32,353 units were sold in 2022-23 compared to 24,402 units in 2021-22, an increase of 32.5 percent, with 8,088 units sold in each quarter in 2022-23 became.

Hyderabad saw six million square feet of transactions in the commercial real estate market in 2022-23, while the city saw the completion of 9.2 million square feet in FY23 in terms of new listings, the consultancy said.

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