Despite COVID, Telangana continues to attract investments from MNCs: IT Minister

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Telangana IT and Industries Minister KT Rama Rao. (Photo/ANI)
Telangana IT and Industries Minister KT Rama Rao. (Photo/ANI)

Hyderabad (Telangana) [India], June 10 (ANI): Despite the ongoing COVID-19 pandemic-induced slowdown in the IT sector, Telangana continues to attract investments from Multi-National Companies, said Telangana IT and Industries Minister KT Rama Rao on Thursday.

While releasing the Information Technology, Electronics and Communication (ITE&C) and I&C Department's Annual Reports of 2020-21, he said that the state's IT and ITES exports stood at Rs 1,45,522 crore for the financial year 2020-21, an increase of 12.98 per cent.

The State added 46,489 new jobs taking the total IT/ ITES employment to 6,28,615 at a growth rate of 7.99, he added.

He further informed that Telangana's Gross State Domestic Product during 2020-21 was Rs 9.78 lakh Crore.

"The growth rate fell due to the COVID-19 pandemic by 1.26 per cent at constant prices (2011-12) but is significantly better than India's projected GDP contraction at 8 per cent. The share of Telangana's economy in the national GDP has gone up by 26 basis points to 5.0 per cent in 2020-21 against 4.74 per cent in 2019-20," he added.

The Minister further said that Telangana continues to attract major investments from several multi-national companies despite the pandemic-induced slowdown.

Jayesh Ranjan, Principal Secretary ITE&C Department, speaking on the occasion, said that Despite the difficult year, both IT and Industries departments have made significant progress this year and have been able to initiate many new initiatives such as the launch of new EV Policy, several new industrial parks and Hyderabad Mega Science and technology Cluster. (ANI)