Hyderabad: Exports in the Information Technology (IT) sector from Telangana are likely to cross Rs. 2.2 lakh crore for the 2023-24 fiscal, a 20 per cent growth from the previous fiscal’s export figure of Rs. 1.83 lakh crore, according to sources in the IT department.
“The IT exports from the state are likely to grow 20-25 per cent. We are seeing similar growth rates as last year, when the exports grew by 26 per cent. The final annual IT export figures are being put together,” said an official, who did not want to be named.
“On the employment generation front too, we are expecting a similar trend for the 2022-23 financial year,” the official said.
Of the 4.5 lakh jobs generated in the IT sector across the country in 2021-22, Hyderabad accounted for 1.53 lakh, over 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 rest.
According to the IT and communications department, the growth rate in job creation was 24 per cent in 2021-22, on over 6.28 lakh jobs created in 2020-21, with the addition of over 1.53 lakh being the highest addition in a fiscal for the state. Overall, the IT/ITeS sector has witnessed a 140 per cent growth in employment since 2013-14.
As per the data, the IT exports for 2020-21 were Rs. 1.45 lakh-crore, with the Rs 38,046 crore increase in 2021-22 being the highest revenue addition in a fiscal.
Telangana, in its second ICT Policy (2021-26) has set a target to achieve exports of Rs. 3 lakh crore and generate 10 lakh jobs in the sector.
Hyderabad, which is the IT hub of the state, hosts 1,500 IT and ITeS companies, being 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, just to name a few.
The state is making efforts to take IT to Tier-2 cities of Warangal, Karimnagar, Khammam, Nizamabad, Mahbubnagar, Siddipet and Nalgonda as well, by providing special incentives to companies under the government’s ‘growth in dispersion (Grid)’ policy.
India’s software service companies are also expected to witness a drop in attrition rate in the coming quarter, due to the impact of hiring freezes. It is currently at 20 per cent.
The IT sector's exuberance in the city is also reflected in the realty sector.
According to data collated by realty consultant Knight Frank India, Hyderabad logged sales of 8,300 residential units in the first three months of 2023, marking a 19 per cent spike from the same period in 2022. New launches were also estimated at 10,986 units, seven per cent higher than in 2022.
The report stated that Hyderbad’s residential market is a mix of end-users and investors, similar to Bengaluru, with a lion’s share of the end-users being from the IT sector.
In 2022-23, Hyderabad logged 44,577 residential unit launches, up from 36,642 units in 2021-22, at a growth rate of 21.6 per cent. On average, 11,144 units were launched every 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 per cent, with 8,088 units sold every quarter in 2022-23.
Hyderabad saw transactions amounting to six million sq ft in 2022-23 in the commercial real estate market space, while the city witnessed the completion of 9.2 million sq ft in FY23, with regards to new supply, the consultancy said.
