New Delhi: India’s software and IT services exports continued their upward trajectory in the financial year 2023-24, reaching a record $200 billion, according to the latest report released by the Electronics and Computer Software Export Promotion Council (ESC). This marks a 3.63% increase over the previous year’s exports of $193 billion, underlining the sector’s resilience and its critical role in India’s growing digital economy.
The report highlights regional contributions to software exports across India, with the southern region maintaining its dominance. Southern states contributed $131.1 billion, accounting for approximately 65.55% of the total exports.
The western region stood second, with exports worth $34.1 billion (17.05%), followed by the northern region at $30.78 billion (15.39%). The eastern region contributed the least, with $4.02 billion in exports, representing 2.01% of the national total.
The ESC report credited India’s exceptional growth in the IT and electronics sector to its skilled workforce, cost competitiveness, and business-friendly environment, which have attracted major global companies.
Emerging technologies such as Artificial Intelligence (AI), Machine Learning, and Cloud Computing have further cemented India’s position as a global digital leader. These advancements are fueling innovation and expanding India’s influence in the global IT landscape.
Commenting on the growth, ESC Chairman Veer Sagar said, “India’s skilled managerial and technical workforce is meeting global standards, especially in the IT sector, transforming the country into the world’s outsourcing hub.” He added that growth in IT software and services, software product development, and BPO services has been a key driver of this trend.
Sandeep Narula, Chairman – Global Outreach, ESC, provided insights into key export markets for Indian software services in FY2023-24. The United States remained the top destination, accounting for 54.70% of India’s software exports, valued at $109.40 billion. The UK followed with 14.35% ($28.70 billion), while Singapore contributed 3.50% ($7 billion) and China 2.75% ($5.50 billion).
As India continues to harness emerging technologies and foster innovation, the country’s IT sector is expected to play an even larger role in the global digital economy, driving exports and economic growth in the years ahead.
