Business News | Telangana's IT Exports Jump 26 Per Cent to Rs 1.83 Lakh Crore in 2021-22

Hyderabad (Telangana) [India], June 1 (ANI): Information Technology and IT-enabled services exports from Telangana surged by 26.14 per cent to Rs 1,83,569 crore in the year ended March 2022 as compared to Rs 1,45,522 crore recorded in the previous year, Telangana's Industries and IT Minister KT Rama Rao said on Wednesday.

Rao released the annual performance report of the IT department. He said the State achieved an impressive 26.14 per cent growth in IT and ITeS exports despite the COVID-19 pandemic.

Also Read | Maharashtra Minister Appeals Supreme Court To Probe NCB's 'Extortion Rackets' and 'Fake Raids'.

Rao said the employment in the IT/ITeS sector has also increased by 23.7 per cent to reach 7,78,121 during the 2021-2022 period. About 1.5 lakh new jobs were added in the IT/ ITeS sector during 2021 -22. This number in the previous year was 6,28,615.

Telangana has been releasing the department performance annually to coincide with the State Formation Day.

Also Read | Reliance Brands To Buy 40% in Toymaker Plastic Legno SPA.

As per the estimates by NASSCOM, approximately, about 4,50,000 net new jobs were added to the IT sector nationwide. Telangana contributed to a third of the net new national employment in the IT Sector.

The national exports (including that of Telangana) grew at 17.2 per cent while Telangana alone grew at a significantly higher rate of 26.14 per cent, Rao said.

When the State came into being in 2014, Telangana IT exports were Rs 57,258 crore and IT employment was 3,23,397. Since its formation, Telangana has been able to achieve a CAGR of 15.6 per cent in exports from Rs 57,258 crore to Rs 1,83,569 crore. Today, the total employment in the IT sector is 7,78,121. On the net, Telangana has added 4,54,725 new IT/ ITeS jobs over the last eight years, the minister said. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)