Telangana Posts Superb Numbers in IT Exports But Crisis Looms

Telangana has put up the remarkable show once again in the Information Technology. The IT exports of the state have increased by 18 Percent at 1.28 Lakh Crore in 2019-20. In 2018-19, the IT exports of the state are at 1.09 Lakh Crore. The share of Telangana in this year’s growth in national exports was a remarkable 23.5 percent.

Telangana’s exports grew at 17.93 percent compared to the national average of 8.09 percent and the Rest of the Nation’s average of 6.92 percent. This is a superb performance and the major challenge for the state begins now. The economic slowdown is expected for the next year or so due to the Coronavirus Pandemic.

IT exports are already on a decline with the fears of impending Recession. There are rumors about job cuts in the name of cost-savings. So, it will be a challenge in the next year. Telangana IT Minister K Taraka Ramarao already asked the IT companies not to go for the job cuts but to explore options like Salary deferment, cancelation of bonuses, hikes, promotions, etc.

We will get an idea of what is going to happen in the next quarter or so.