Suspense Crime Sach Ka Dam
India’s total exports of software services rose to USD 205.2 billion during 2023-24 from USD 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 the RBI’s annual survey on computer software and information technology services (ITES) exports, India’s exports of software services (excluding their sale through foreign commercial presence) grew by 2.8 percent to USD 190.7 billion during 2023-24.
The US is the leading software export destination.
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. 7,226 software exporting companies were contacted in the survey, of which 2,266 firms responded, most of which were large companies. The participating companies contributed about 89 percent of the total software service exports.
Computer services contribute more than two-thirds.
The survey said that computer services contributed more than two-thirds of India’s total software service exports during the year. Also, private limited companies registered higher growth in software services exports as compared to public limited companies. Moreover, the US dollar remained the major invoice currency for India’s software exports with a 72 percent share, followed by the euro, rupee, and pound sterling.
In terms of modes of distribution, the share of cross-border supply of software services increased to 83.5 percent in 2023-24, while the share of foreign commercial presence mode of distribution declined to 7 percent from 7.5 percent in the previous year and 13.7 percent in 2013-14. Offsite services account for 90 percent of total exports of software services. This share has increased from 80 percent ten years ago.
