India’s software and IT services exports to reach $200 billion in 2023-24
DELHI Delhi: India’s software and IT services exports continued to grow and are projected to reach an estimated $200 billion in FY2023-24, a new report said on Thursday. This represents a growth of 3.63 per cent from $193 billion recorded in the previous year, according to a report by the Electronics and Computer Software Export Promotion Council (ESC). The steady growth highlights the resilience of the sector and its crucial role in India’s digital economy. The report also highlights the regional contribution to software exports across India.
The Southern region remains the largest contributor, with a share of $131.1 billion, accounting for nearly 65.55 per cent of total exports. The Western region is second with $34.1 billion (17.05 per cent), while the Northern region contributes $30.78 billion (15.39 per cent). The Eastern region has the smallest share, with a share of $4.02 billion (2.01 per cent). The report said India’s IT and electronics industry has witnessed remarkable growth, attracting leading global companies due to its skilled workforce, cost advantages and favourable business environment.
The emergence of new technologies such as artificial intelligence, machine learning and cloud computing is further enhancing India’s position as a global digital leader.
“India’s skilled managerial and technical workforce is meeting global standards, especially in the IT sector, turning the country into the world’s outsourcing hub,” said Vir Sagar, chairman, ESC.
The growth in IT software and services, software product development and BPO services is a key driver of this trend, he added.
Sandeep Narula, Chairman, Global Outreach, ESC, said, “The key countries for India’s software exports in 2023-24 are the US, which leads with US$ 109.40 billion (54.70 per cent), followed by the UK with US$ 28.70 billion (14.35 per cent), Singapore with US$ 7 billion (3.50 per cent) and China with US$ 5.50 billion (2.75 per cent).” Narula further added that this underlines the position of the Indian IT industry as the global leader in software exports.
