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IT Industries look forward to more growth momentum in year 2023

In 2022, the industry reacted well to the post pandemic phase with an increased percentage of growth rate and revenue gradient.

Published Date – 11:45 PM, Sun – 1 January 23

IT Industries look forward to more growth momentum in year 2023

Hyderabad: Having shown resilience during those tough Covid days and documenting incredible growth post the pandemic in the year 2022, the IT and ITES sector looks to gain more traction and spread its wing wider this year.

In 2022, the industry reacted well to the post pandemic phase with an increased percentage of growth rate and revenue gradient. Given the supportive and proactive approach of Telangana government, the industry leaders look at the new year as one which will witness a lot of start-ups prospering and many Indian companies gaining bigger shares and opportunities with the recession in the US.

With the State government’s thrust on widening the scope of IT activities in the tier-2 locations taking a shape, there will also be a growth of IT towers in the smaller towns that come under tier-2 and tier-3 cities in the next quarter.

“This year has been an incredible year for the IT Industry, especially for Hyderabad. We witnessed huge growth in terms of new companies establishing their shops and others expanding their operations,” says Krishna Yedula, Secretary General, Society for Cyberabad Security Council.

While 2022 was all about working from home and getting back to work, this year the model of hybrid work is likely to gain more acceptance.

“Many companies are realising that professional growth would happen only when teams come together in person. So while there will be flexibility in work hours and days, there might be a greater push for teams to come together and operate,” says Deepthi Ravula, Chief Executive Officer, WE-Hub.

The start-ups are expected to log in a lot more success this year with more investors being around to fund projects.

“The start-up ecosystem is a huge impetus as the Telangana government is fostering, promoting, incubating, and supporting them with many initiatives. It is going to be a huge year for start-ups, especially the ones that have received funding,” said Bharani Kumar Aroll, President and CEO, TechTriad Inc.

Given the recession in the US, Indian companies could have greater opportunities to expand with talented workers.

“In the previous year, 4,50,000 new jobs were created in the IT sector throughout the country and 1/3 rd of these were contributed by Hyderabad. We are confident that we will be able to maintain these numbers,“ says IT and Industries Principal Secretary Jayesh Ranjan.

The main focus is on taking the IT industry beyond Hyderabad and expanding across Telangana. Vijay Rangineni, CEO of IT Investments, Government of Telangana says, “IT Towers in Karimnagar, Warangal and Khammam are already operational and many bigger companies have been moving to these areas. IT towers are soon going to open in Nizamabad, Mahabubnagar, and Siddipet in the coming quarter and at Nalgonda in the middle of the year.”

 

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