Business Telangana

Telangana’s IT sector grew by 12.98% in spite of COVID-19 pandemic

Hyderabad: In spite of the economic slump caused by the COVID-19 pandemic, Telangana has managed to outperform the national growth rate, with its national gross domestic product share increasing from 4.74% in 2019-20 to 5.0% this year.

In 2020-21, the state also recorded a per-capita income of Rs.2,27,145 compared to the national average of Rs.1,27,768. The state’s performance numbers were released by Telangana IT and industries minister KT Rama Rao, who shared the data while launching the annual Industries department’s annual report on Thursday. He stated that Telangana “boasted” a growth in the IT/ITeS sector with an increase of 12.98% in IT/ITeS export.

During the previous financial year of 20-21, Telangana recorded a total of ₹1,45,522 crore in IT/ITeS exports. “The state has seen more than double the estimated average national growth rate. Telangana continues to attract major investments from companies such as MassMutual, Laxai Life Sciences, Agasthya Foods, Trouw Nutrition, Ester Filmtech and others despite the pandemic induced slowdown,” KTR added.