Telanagana’s share in India’s exports went up from 10.6 per cent to 11.6 per cent, Chief Minister K Chandrashekhar Rao said on Thursday.
“This clearly indicates that Telangana is poised to be the preferred destination for IT investments in the future”, the CMadded. KCR has also directed the Telangana IT department to ensure that the IT Industry has room to function smoothly, keeping in mind the ongoing novel coronavirus outbreak.
Minister for IT, KT Rama Rao and Principal Secretary Jayesh Ranjan met CM KCR and shared the IT Exports and Employment data obtained for FY2019-20.
“Despite the Global COVID-19 pandemic badly affecting the last quarter of the financial year 2019-2020 (Jan 2020-March 2020), Telangana managed to record a phenomenal 17.93 per cent growth in exports for the full financial year and this is more than double of the national growth,” Minister KTR said.
The Hyderabad IT ecosystem has the agility and resilience to overcome the effects of Covid-19 and it will keep contributing to India, added the Minister.
Telangana’s growth is more than double the national average or more than two and a half of that of the rest of the nation. The state’s exports grew at 17.93 per cent as compared to the national average of 8.09 per cent and the rest of India’s average of 6.92 per cent.
CM Sri KCR congratulated IT, E&C Dept. for the impressive growth in IT exports for the year 2019-20. State’s IT exports grew at 17.93% (YoY) compared to the national average of 8.09% and rest of India’s 6.92%. Telangana’s share in India’s IT exports went up to 11.6% from 10.6%. pic.twitter.com/Eih1TIyMNJ
— Telangana CMO (@TelanganaCMO) May 21, 2020
Employment in the state grew at 7.2 per cent compared to the National Average of 4.93 per cent and the rest of India’s average of 4.59 per cent.
Telangana’s share of exports in India grew from 10.61 per cent (2018-19) to 11.58 per cent (2019-20) while its share of employment in the country expanded from 13.06 per cent (2018-19) to 13.34 per cent (2019-20). The state’s overall share in India’s export growth during FY2019-20 is 23.53 per cent while Telangana’s overall share in the country’s employment growth during FY2019-20 was 19.07 per cent.
In addition, the state government also pointed out several marquee investments that have found their way to Hyderabad in FY2019-20, including the inauguration of Amazon’s largest facility in the world that spans across 3 MN square feet and Micron’s biggest R&D centre.
“Tech Mahindra and CYIENT have chosen to open their centres in the tier-2 location of Warangal. Government is also promoting the dispersion of IT around the city with several MNCs showing interest in the eastern part of the city,” IT Secretary Jayesh Ranjan said.
Commercial space absorption in Hyderabad during the first two quarters for the FY2019-20 had topped all metro cities in India in growth as well as in absolute terms.