Telangana's IT exports touched Rs.1.28 lakh cr in FY 2020
By MYBRANDBOOK
IT exports from Telangana has grown by 17.93% in the last financial year at Rs 1.28 lakh crore and this sector has created about 40,000 new jobs.
Despite the onset of the Covid-19 during the last quarter of the financial year 2019-2020, the export growth of the state managed to record a phenomenal 17.93% growth for the full financial year. This is more than double that of the national growth, an official press release quoted IT Minister KT Rama Rao as saying.
The exports stood at Rs 1,28,807 crore in FY ‘20 against Rs 1,09,219 crore in the FY ‘19. The sector has 5,82,126 employees as of March 31 against 5,43,033 personnel at the end of 2018-19, the release said. Chief minister K Chandrasekhar Rao said he was happy to see the share of Telangana’s exports going up from 10.6% to 11.6%.
This clearly indicates that Telangana is poised to be the preferred destination for IT investments in the future, he said. The chief minister directed the IT department to ensure that all measures and precautions be taken to ensure that the IT industry functions smoothly, keeping in view the Covid-19 pandemic, the release said.
During 2019-20, several marquee investments have taken place in Hyderabad, including the inauguration of Amazons worlds largest facility at three-million sq ft and Microns largest Research and Development centre globally.
Tech Mahindra and Cyient have chosen to open their centres in the tier-2 location of Warangal, it added.
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