India achieved record IT export
India has today become a major software power in the world. Indian companies like Tata Consultancy Services, Infosys, Wipro IT and HCL Technologies represent the country’s IT industry. An RBI report says that India’s IT industry has earned the country Rs 17.25 lakh crore in the financial year 2023-24.
In fact, Indian IT companies have subsidiaries abroad. These companies provide software services abroad and export IT services from the country. The total export of IT services by these companies from the country in fiscal year 2023-24 was $205.2 billion (around Rs 17.25 lakh crore).
Shows the strength of Indian software
An RBI survey report said that this export of IT companies from the country shows the strength of the country’s software. The RBI had conducted an annual survey on exports of information technology-enabled software and services (ITES). This shows that India’s software services exports (excluding their sale through overseas commercial presence) rose 2.8 percent year-on-year to $190.7 billion.
read this too
According to the report, the US market is the most suitable for exports. The United States’ share in total Indian software exports is 54 percent and it is the largest export market for companies. After this, Europe’s market share is 31 percent and Britain has a significant presence in it.
To prepare this report, the RBI conducted a survey among 7,226 software exporting companies in the country. Of these, 2,266 companies responded, among which were the majority of large companies. The companies that participated in the survey had approximately 89 percent share in the country’s total software services exports.
These services were the most exported in the country.
According to the RBI survey report, the share of computer services in total software services exports in the financial year 2023-24 was more than two-thirds. Compared to government companies in this sector, private companies have recorded higher growth in exporting software services.
The IT industry in India started developing in the 90s. After this, when the country was liberalized in 1991, this Indian industry got suitable land to thrive.
