Software exports grew 17.93 per cent at Rs 1,28,807 crore (Rs 1.29 trillion) from Telangana in the year 2019-20 as compared to Rs 1,09,219 crore in the previous year, outperforming the overall growth rate of Indian software exports during the year, according to state IT minister K T Rama Rao.
Total software exports from India stood at Rs 11,12,496 crore in 2019-20, an increase of 8.09 per cent over Rs 10,29,248 crore IT exports in the previous year.
"Despite the onset of the Covid-19 during the last quarter of the financial year 2019-20, the export growth from Telangana managed to record a phenomenal 17.93 per cent growth for the full financial year. The Hyderabad IT ecosystem has the agility and the resilience to overcome the effects of Covid-19," Rao said adding that several investors were actively engaged in discussions with the department and very soon, there will be announcements in this regard.
The better export performance of Telangana has increased the state's share in Indian software exports by nearly one per cent to 11.58 per cent from 10.61 per cent in the previous year, according to the state IT department.
"This clearly indicates that Telangana is poised to be the preferred destination for IT investments in the future," chief minister K Chandrasekhara Rao said while responding to these numbers.
During the year 2019-20, several marquee investments have taken place in Hyderabad, including the inauguration of Amazon's world's largest facility among others. The commercial space absorption during the first two quarter of the year topped all the Metros in India in growth as well as in absolute terms, according the state IT department.