TG Rising! State zooms to No 2 slot in generating jobs in IT, RE sectors

Hyderabad: Telangana has emerged second in the country for creating jobs in the IT & Communication and real estate sectors, according to the NITI Aayog Report 2023-24 on service sector employment. The state accounted for 12% of jobs in IT & Communication and 13% in the real estate industry. Karnataka topped the list in job creation in both sectors nationwide.

The report on services sector growth also disclosed that Telangana is among top 10 states in financial services and real estate, ownership dwelling professional services and other service sectors in the country.

Telangana was ranked ninth in financial services. In the real estate sector, the youngest state in the country secured sixth place. Telangana also achieved seventh rank in trade and repair, ninth in hotels and restaurants, and eighth in transport and storage nationwide.

Telangana, with an average services share of 60 per cent represents a digitally oriented model centred on Hyderabad’s IT and startup ecosystem.

Real estate, ownership of dwellings & professional services’ contributes 34.1per cent, reflecting agglomeration around innovation corridors and sustained urban expansion. Legal, architectural and consultancy services are clustered around Hyderabad’s IT hubs, supported by initiatives such as T-Hub, TASK and T-Works. Trade & Repair Services at 21.5 percent highlight the strength of retail networks and rising consumer demand, particularly post- pandemic. Official data indicate a 20.8 per cent annual growth in trade and hospitality services in 2023–24, suggesting operational recovery and market expansion.

‘Other Services’, contributing 12.9 per cent , include education, healthcare and personal and community services. Though modest in GSVA ( Gross State Value Added) share, this segment plays an important role in supporting social infrastructure and employment. Telangana’s services share in GSVA increased from 52.8 per cent in 2011–12 to 62.4 per cent in 2023–24, significantly exceeding the national average, reflecting growth aligned with digital infrastructure, IT exports and professional services centred around Hyderabad’s Hi-tech city,” the report said.