Telangana witnessed 2.21 times growth in IT and ITeS exports compared with the national average and more than 6.3 Lakh employees are presently working in the state's IT/ITeS sector, the report said.
Hyderabad: With a strong presence of large IT/ITeS companies, Telangana has witnessed INR 1.5 Lakh crore worth IT exports in the last fiscal 2020-21, a 12.98 percent rise against the preceding year, according to a report ‘Telangana: A state on the Move’, released by CREDAI-ANAROCK here on Thursday.
Telangana witnessed 2.21 times growth in IT and ITeS exports compared with the national average and more than 6.3 Lakh employees are presently working in the state’s IT/ITeS sector, the report said.
A vibrant IT/ITeS sector and robust infrastructure development are prime growth drivers in the state, the report revealed and said that various IT/ITeS companies are casting their nets beyond Hyderabad, exploring Tier- II cities like Warangal, Karimnagar and Nizamabad as alternate IT/ITeS hubs.
These cities offer cheaper land, sound infrastructure, and a strong talent pool emerging from many professional colleges there, it said Companies like CYIENT and Tech Mahindra have already opened their offices in Warangal, it said.
ANAROCK Group Senior Director and Research Heath, Prashant Thakur, said “Currently, IT/ITeS activities are largely concentrated at Gachibowli, Madhapur, and Nanakramguda in Hyderabad.
However, COVID-19 changed the working dynamics for the sector as Work From Home gained universal acceptance and adoption and this may lead to the decentralization of IT/ITeS companies from tier I to tier II cities due to the latter’s’ rich talent pools.
Various companies are already exploring Warangal, Karimnagar, and Nizamabad as the next IT/ITeS destinations, the report stated.
CREDAI Telangana President D Murali Krishna Reddy said “Telangana’s real estate market is set for growth on the back of sectoral development across the state and demand and supply have already attained equilibrium in Hyderabad.
The state’s strong fundamentals and robust infrastructure support the immense potential of the sector, he said the planned Regional Ring Road and the industrial corridors will unlock new land parcels in the adjoining districts and boost overall economic development.
The large base of MSMEs provides many opportunities for industrial development. Medchal-Malkajgiri, Sangareddy, Rangareddy, Karimnagar districts account for most of the state’s MSME units, investments, and employment, the report said.
Backed by robust infrastructure, this sector will create abundant direct and indirect employment opportunities and thereby generate demand for affordable and mid-segment housing across the state, the report added.