Synopsis
India's software and IT services exports are projected to reach $200 billion in the fiscal year 2023-24, marking a significant growth of 3.63% from the previous year. The southern region leads in contributions, underscoring the sector's crucial role in the digital economy.Key Takeaways
- India's software exports reached $200 billion in 2023-24.
- 3.63% growth from the previous year's $193 billion.
- The southern region contributed $131.1 billion.
- The USA is the leading market for Indian software exports.
- Emerging technologies are boosting India's digital leadership.
New Delhi, March 13 (NationPress) India's software and IT services exports have shown consistent growth in the financial year 2023-24, reaching an estimated $200 billion, according to a recent report released on Thursday.
This reflects a 3.63 percent increase from the $193 billion recorded in the previous year, as stated by the Electronics and Computer Software Export Promotion Council (ESC).
The ongoing growth emphasizes the sector's resilience and its significant role in driving India's digital economy.
The report also highlights the regional contributions to software exports across India.
The southern region remains the largest contributor, accounting for $131.1 billion, which constitutes approximately 65.55 percent of total exports.
The western region follows with $34.1 billion (17.05 percent), while the northern region contributes $30.78 billion (15.39 percent). The eastern region has the smallest share, amounting to $4.02 billion (2.01 percent).
India's IT and electronics industry has experienced remarkable growth, attracting major global companies owing to its skilled workforce, cost advantages, and a favorable business climate, the report indicates.
The rise of new technologies such as artificial intelligence, machine learning, and cloud computing is further enhancing India’s standing as a global digital leader.
“India’s talented managerial and technical workforce meets global standards, particularly in the IT sector, which is transforming the country into the world’s outsourcing hub,” stated ESC Chairman Veer Sagar.
He added that the growth in IT Software and Services, Software Product Development, and BPO Services is a significant factor driving this trend.
“The leading countries for India’s software exports in 2023-24 include the USA at US$ 109.40 billion (54.70 percent), followed by the UK at US$ 28.70 billion (14.35 percent), Singapore at US$ 7 billion (3.50 percent), and China at US$ 5.50 billion (2.75 percent),” mentioned ESC's Chairman, Global Outreach, Sandeep Narula.
Narula further emphasized that this highlights the Indian IT industry's status as a global leader in software exports.
