New Delhi
India’s software and IT service exports will continue to grow continuously in financial year 2023-24 and reached 200 billion. This information was given in a latest report released recently. According to a report by Electronics and Computer Software Export Promotion Council (ESC), it shows an increase of 3.63 percent from $ 193 billion recorded previous year. This stable growth highlights the flexibility of the region and its important role in India’s digital economy.
The report also highlights regional contribution to software exports across India.
According to the report, the southern region remains the largest contributor, which contributes to $ 131.1 billion, which is about 65.55 percent of the total exports.
The western region ranks second with $ 34.1 billion (17.05 percent), while the northern region contributes $ 30.78 billion (15.39 percent). The Eastern region has the lowest contribution, with a share of $ 4.02 billion (2.01 percent).
The report stated that India’s IT and Electronics Industry recorded a great growth, which has attracted major global companies due to its skilled workforce, cost profit and favorable business environment.
The arrival of new technology like AI, machine learning and cloud computing is strengthening India’s position as a global digital leader.
ESC chairman Veer Sagar said, “India’s skilled managerial and technical workforce is meeting global standards, especially in the IT sector, which is turning the country into the outsourcing hub of the world.”
He said that IT software and service, software product development and increase in BPO services are a major reason for this trend.
ESC Chairman, Global Outreach, Sandeep Narula said, “In 2023-24, India’s software is a major country for exports, which is at the forefront of 54.70 percent, US $ 109.40 billion, followed by the UK 14.35 percent, US $ 28.70 billion, Singapore 3.50 per cent, $ 7 billion and China 2.75 percent.