According to the annual survey of the Reserve Bank of India (RBI), India's total software services exports, including those provided by overseas branches of Indian companies, have increased to $205.2 billion in the financial year 2023-24. This increase, compared to $200.6 billion in the previous year, indicates stability and growth in the country's software exports.
Data from the survey showed that India’s software services exports (excluding revenue from overseas commercial presence) grew 2.8% to $190.7 billion in 2023-24, a testament to the strength of India’s information technology and related services (ITES) sector, one of the pillars of the country’s economy.
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| India's software exports are expected to reach $205.2 billion in the 2023-2024 fiscal year, behind only the two most formidable powers, the United States and Europe (Illustration photo) |
Among the major software export markets, the US leads with a 54% share, followed by Europe with 31%, with the UK being a key destination. The US market continues to be the largest consumer of Indian software services, underscoring the strong trade relationship between the two countries in the technology sector.
The RBI survey collected data from 7,226 software exporters, of which 2,266, including a majority of large enterprises, responded. These companies account for nearly 89% of the country’s total software services exports. Computer services accounted for more than two-thirds of India’s total software services exports in the past year, while business process outsourcing (BPO) services remained the dominant component of ITES exports, the report said.
Notably, private companies have recorded higher growth in software services exports than public companies, reflecting their competitiveness and flexibility in seizing market opportunities among these businesses.
The US dollar continues to be the main currency of payment for Indian software exports, accounting for 72% of the total value. Other currencies such as the euro, rupee and pound also play an important role but with smaller shares.
In terms of supply mode, cross-border software services accounted for 83.5% of total exports in 2023-24, up significantly from the previous year. Meanwhile, the proportion of services supplied through a commercial presence abroad declined to 7%, compared to 7.5% the previous year and 13.7% in 2013-2014.
Off-site services, which include services not directly at the customer’s location, continue to account for an overwhelming 90% of total software exports, up significantly from 80% a decade ago. This reflects the strong growth of the remote working model, an increasingly popular trend in the global IT industry.
India has established itself as the leading software exporter with a significant turnover in 2023-24. Steady growth, coupled with a strong presence in major markets such as the US and Europe, continues to drive the country’s IT industry to grow and expand.
Source: https://congthuong.vn/xuat-khau-phan-mem-cua-an-do-vuot-205-ty-usd-tap-trung-vao-thi-truong-hoa-ky-353497.html
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