10,189 IT Firms Opened Shop in Telangana in Last 6 Yrs: Centre
In a significant revelation, the Union Minister of State for Corporate Affairs, Harsh Malhotra, disclosed in the Lok Sabha on Monday that Telangana has witnessed the establishment of 10,189 IT companies over the past six years. This staggering figure indicates the rapid growth and development of the IT sector in the state. However, it’s not all good news, as 3,369 companies ceased operations in the same period.
The information was shared by Malhotra in response to a question raised by a member of Parliament. The minister’s statement highlights the dynamic nature of the IT sector in Telangana, where companies are constantly emerging and exiting the market. The data provides valuable insights into the state’s economic landscape and the opportunities and challenges that come with it.
The 10,189 IT companies that set up shop in Telangana over the past six years have collectively contributed to a turnover of ₹14,865 crore over the last five years. This is a remarkable achievement, showcasing the significant economic impact that the IT sector has had on the state. The industry’s growth has not only created employment opportunities but has also contributed to the state’s GDP.
The IT sector has been a significant driver of growth in Telangana, with the state government actively promoting the industry through various initiatives and incentives. The government’s efforts have paid off, with the sector emerging as a major contributor to the state’s economy. The establishment of IT companies in the state has also led to an increase in the demand for skilled manpower, driving the growth of the education sector.
Despite the significant growth of the IT sector, the figure of 3,369 companies ceasing operations in the same period is a cause for concern. This suggests that the industry is not immune to the challenges and uncertainties that come with the rapidly changing business landscape. The reasons for the closure of these companies are varied, but it’s likely that factors such as economic downturn, increased competition, and regulatory issues have played a role.
The closure of IT companies can have a significant impact on the state’s economy, as it can lead to job losses and a decline in economic activity. However, the growth of new companies can also create new opportunities for employment and economic growth. It’s essential for the state government and industry stakeholders to work together to address the challenges faced by the IT sector and create an environment that supports the growth and development of the industry.
The growth of the IT sector in Telangana is not limited to just the establishment of new companies. The state is also home to several major IT parks, including the Hyderabad IT Park, which is one of the largest in the country. The park is home to over 1,000 IT and ITES companies, providing employment opportunities to thousands of people.
The growth of the IT sector in Telangana has also led to an increase in the demand for infrastructure and amenities such as commercial office spaces, housing, and transportation. This has led to the development of several residential and commercial projects in the state, providing a range of options for people working in the IT sector.
In conclusion, the revelation by the Union Minister of State for Corporate Affairs that 10,189 IT firms opened shop in Telangana in the last six years is a significant achievement for the state. The collective turnover of ₹14,865 crore over the last five years is a testament to the industry’s economic impact. While the closure of 3,369 companies is a cause for concern, it’s essential for the state government and industry stakeholders to work together to address the challenges faced by the IT sector and create an environment that supports its growth and development.
Source:
