According to the Telangana Socio Economic Outlook 2023, the services sector remained a dominant sector in Telangana’s economy, accounting for 62.8% of the Gross State Value Added (GSVA) at current (2022-23) prices.
Between 2014-15 and 2022-23, the Compound Annual Growth Rate (CAGR) of Gross Value Added (GVA) by the services sector in Telangana was 12.81%, 2.36 percentage points higher than the All-India average of 10.45%. Trade, repair, hotels and restaurants, transportation, storage, communication, broadcasting, financial services, real estate, and other services are all part of the services sector.
The ‘real estate, ownership of dwelling and professional services’ is the most dominant sub-sector in the State. At current (2022-23) prices, it contributed more than one-third (33.2%) of GVA. Furthermore, it is the largest sub-sector (20.85%) of the state’s total GVA.
The services sector employs more than one-third (33.2%) of total workers in Telangana. This is 29.64% at the all India level. More than one-third of total workers (39.75%) are employed in the ‘trade, hotels, and restaurants’ sub-sector of the services sector. The ‘transport, storage, and communication’ sub-sector employs approximately 21% of workers, accounting for 60.79% of the employment in the services sector.
Telangana’s IT exports increased at a 15.6% CAGR between 2014-15 and 2021-22. During this time, Telangana’s IT exports totaled Rs 66,276 crore, which is expected to nearly triple to Rs 1,83,569 crore by 2021-22. During this time, total employment in the IT sector increased from nearly 3.7 lakh to 7.7 lakh.
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The Telangana government, through its Growth in Dispersion (GRID) policy, offers special incentives to companies that expand or establish units beyond the western part of Hyderabad. IT parks are being built in Uppal, Pocharam, Kompally, Kollapur, and Shamshabad, and two electronic manufacturing clusters are being built in Maheshwaram and Raviryal.
The IT Towers (Phase-I) in Warangal, Karimnagar, and Khammam are now operational. Telangana had 35 operational SEZs, 57 notified SEZs, and 64 formally approved SEZs as of July 2022.
The Technology Hub (T-Hub), a business incubator and innovation intermediary, has impacted over 2,500 startups, hosted over 1,000 events, and created over 12,000 jobs. Since its inception in March 2018, the Women Entrepreneurs Hub (WE-Hub) has incubated 2,194 startups and created 2,823 direct and indirect jobs employment, the report said.
T-Works, India’s largest prototyping centre, assisted more than 250 startups and 15 MSMEs in developing prototypes and products. Over 700 products and prototypes have been shipped through the ‘Proto.tworks’ platform.
In Hyderabad, the demand for gig workers increased by 45 percent. Mumbai had 45.45%, Delhi had 32%, Bengaluru had 25%, and Chennai had 23.4%.
Domestic tourists in Telangana increased by 89.84% from 3.2 crore in 2021-22 to 6.07 crore in 2022-23. Foreign tourists increased by 1056.01% during this time period, from 5,917 to 68,401.
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