India’s total exports of software services increased to US$ 205.2 billion during 2023-24, from US$ 200.6 billion in the previous financial year. According to this survey by the Reserve Bank of India, it also includes services provided by foreign associates of Indian companies. According to data relating to the 2023-24 round of the RBI’s annual survey on computer software and information technology-enabled services (ITES) exports, India’s software services exports (their sales through overseas commercial presence) have Excluding) to increase by 2.8 per cent to US$ 190.7 billion during 2023-24.
America is a major software export destination
According to the data, the US was the leading software export destination with 54 per cent share, followed by Europe (31 per cent share), where the United Kingdom was a major destination country, the report said. The survey contacted 7,226 software export companies, of which 2,266 firms responded, the majority of which included large companies. The participating companies contributed about 89 percent of the total software services exports.
Computer services contribute more than two-thirds
The survey said computer services contributed more than two-thirds of India’s total software services exports during the year. Also, private limited companies recorded higher growth in exports of software services as compared to public limited companies. Furthermore, 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 was 7.5 per cent in the previous year and 13.7 per cent in 2013-14. Decreased to 7 percent. Offsite services account for 90 percent of total exports of software services. This share has increased from 80 percent ten years ago.
