India’s software and IT services exports rise to $200 billion
India’s software and IT services exports have reached $200 billion in FY 2023-24 with unprecedented growth, demonstrating the country’s strength and leadership in the global IT sector. This represents a growth of 3.63% over the previous fiscal year, when exports stood at $193 billion. The figure has come out in a report released by the Electronics and Computer Software Export Promotion Council (ESC), underlining the continued growth and development of India’s IT industry.
South India’s major contribution
The report also states that South India made the most significant contribution to the sector. Exports from here amounted to $131.1 billion, which is 65.55% of the total exports. Western India contributed $34.1 billion (17.05%), while North India contributed $30.78 billion (15.39%), and East India contributed $4.02 billion (2.01%).
Contribution of skilled workforce and new technologies
India’s IT industry is being driven by its skilled, experienced workforce, low costs, and favourable business environment. Additionally, emerging technologies such as artificial intelligence (AI), machine learning, and cloud computing have also strengthened the country’s global competitiveness. These technologies are not only creating new opportunities for India but are also helping the country play a major role in the global digital economy. This is providing Indian IT companies with greater growth and expansion opportunities globally.
Key export markets
India’s largest IT services export market is the US, which exported $109.40 billion (54.70%). This was followed by the United Kingdom (UK), which exported $28.70 billion (14.35%). Countries such as Singapore ($7 billion, 3.50%) and China ($5.50 billion, 2.75%) also imported IT services from India. Thus, India’s IT industry has a wide and diverse reach globally, ensuring its continued growth.
India’s future
ESC Chairman Vir Sagar described this success as an important step towards India’s IT sector working at par with global standards and its reputation as an outsourcing hub. He also said that the growing demand for software products, BPO services, and cloud technology will further strengthen India’s digital economy. Experts believe that India’s IT industry will grow rapidly in the coming years and the country will move towards becoming a global digital leader.
India’s IT sector today has not only developed according to global standards, but the sector is also paving the way to reach even newer heights in the coming decades.
