Global slowdown hits IT scene in Andhra Pradesh - Stock News - tech News

Global slowdown hits IT scene in Andhra Pradesh
Mohammed Siddique in Hyderabad

Rs 22 crore (Rs 220 million) -- that was the total value of exports of IT software from Andhra Pradesh in 1994-95. IT exports in the state have now crossed Rs 32,500 crore (Rs 325 billion) during 2008-09 and poised to grow up by another 20% during the current financial year.

However, recession in the United States and the global economic slowdown now seem to be catching up with the information technology industry in Andhra Pradesh as well as other parts of the country.

While the growth rate of IT/ITeS exports from Andhra Pradesh was an impressive 41% during 2007-08, last year it came down to 24.5%, say the annual tentative results declared by the Software Technology Park of India, Hyderabad.

Apart from the IT/ITeS companies, the Special Economic Zones of IT/ITeS firms also come under the purview of the STPI, Hyderabad.

In another indication of the slowdown in the expansion of IT industry in the state, only 69 new companies were registered during the year as against 176 in the previous year.