IT sector gets ₹360-cr. Budget allocation

The Information Technology (IT) sector, a growth driver for Telangana, has been allocated ₹360 crore in the Budget.

Finance Minister Harish Rao said this highlighting how Telangana had earned international reputation as a hub for IT products and the various initiatives of the government for the sector.

Noting that Hyderabad had become a hub for IT companies, he said the T-Hub set up by the State government to promote technology start-ups had become a role model for the country. Similarly, WE Hub for women entrepreneurs was progressing well. He said the government had readied plans for IT parks in Kompally, Kollapur, Shamshabad, Uppal and Pocharam in Hyderabad Urban Area.

As part of its emphasis on spreading the growth of IT sector to tier-II cities, the government has constructed IT Towers in Khammam, Warangal, Karimnagar and Nizamabad districts. Chief Minister K. Chandrasekhar Rao recently laid foundation for an IT tower in Siddipet.

The Telangana Social Economic Outlook 2021, tabled in the Assembly on Thursdday, said a major focus for the government had been to further strengthen the services sector, the bedrock of the state’s economy. The State is a national leader in IT services and accounted for 23.5% of India’s IT export growth for 2019-20. Global IT giants Google, Microsoft and Amazon have established offices in Hyderabad.

The state’s flourishing services sector had driven economic growth over the last few years and the trend continued even during the pandemic, as IT professionals could continue their work remotely, the Survey said.

The Services sector’s contributions contributed significantly to the economy of the state, with a 60.3% share in GSDP, higher than the 54.3% contribution of the sector at the all-India level in 2020-21. IT is the largest in this group and consequently a key driver of growth in the state, with Hyderabad emerging as one of the world’s leading IT hubs.

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Printable version | Oct 16, 2021 7:49:51 AM | https://www.thehindu.com/news/cities/Hyderabad/it-sector-gets-360-cr-budget-allocation/article34102966.ece

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