New Delhi, Mar 13: India's software and IT services exports continued to grow in the financial year 2023-24, reaching an estimated $200 billion, a new report said on Thursday.

This marks a 3.63 per cent increase from the $193 billion recorded in the previous year, according to a report by the Electronics and Computer Software Export Promotion Council (ESC).

The steady growth highlights the sector’s resilience and its crucial role in India’s digital economy.

The report also sheds light on the regional contribution to software exports across India.

The southern region remains the largest contributor, accounting for $131.1 billion, which is about 65.55 per cent of the total exports.

The western region follows with $34.1 billion (17.05 per cent), while the northern region contributes $30.78 billion (15.39 per cent). The eastern region has the smallest share, with $4.02 billion (2.01 per cent).

India’s IT and electronics industry has seen remarkable growth, attracting major global companies due to its skilled workforce, cost advantages, and a favourable business environment, the report said.

The rise of new technologies like artificial intelligence, machine learning, and cloud computing is further boosting India’s status as a global digital leader.

"India’s skilled managerial and technical workforce is meeting global standards, particularly in the IT sector, which is transforming the country into the world’s outsourcing hub," ESC Chairman Veer Sagar said.

He added that the growth in IT Software and Services, Software Product Development, and BPO Services is a key driver of this trend.

"The major countries for India’s software exports in 2023-24, with the USA leading at US$ 109.40 billion (54.70 per cent), followed by the UK at US$ 28.70 billion (14.35 per cent), Singapore at US$ 7 billion (3.50 per cent), and China at US$ 5.50 billion (2.75 per cent)," the ESC's Chairman, Global Outreach, Sandeep Narula, said.

Narula further stated that this underscores the Indian IT industry's position as a global leader in software exports.

--IANS

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