India’s software services exports stood at US$205.2 billion in FY2023-24
India’s total export of software services increased to US$205.2 billion during 2023-24 from US$200.6 billion in the previous fiscal. According to this survey of the Reserve Bank of India, this also includes services provided by foreign affiliates of Indian companies. According to PTI news, according to data related to the 2023-24 round of RBI’s annual survey on computer software and information technology enabled-services (ITES) exports, India’s export of software services (excluding their sale through foreign commercial presence) grew 2.8 percent to US$190.7 billion during 2023-24.
US major software export destination
According to the news, according to the data, the US was the leading software export destination with a 54 percent share, followed by Europe (31 percent share), where the United Kingdom was a major destination country. The survey contacted 7,226 software exporting companies, of which 2,266 firms responded, most of which were large companies. The participating companies contributed nearly 89 per cent of total software service exports.
Computer services contribute over two-thirds
The survey said computer services contributed over two-thirds of India’s total software service exports during the year. Also, private limited companies recorded higher growth in software services exports as compared to public limited companies. Further, the US dollar remained the dominant invoice currency for India’s software exports with a 72 per cent share, followed by the euro, rupee and pound sterling.
In terms of modes of distribution, cross-border supply of software services increased to 83.5 per cent in 2023-24, while the share of foreign commercial presence mode of distribution declined to 7 per cent from 7.5 per cent in the previous year and 13.7 per cent in 2013-14. Offsite services account for 90 per cent of total exports of software services. This share has increased from 80 per cent ten years ago.
