India's Software Services Surge: A 2023-24 Overview

India's software services exports grew to USD 205.2 billion in 2023-24, with notable contributions from the US and Europe. The sector saw a 2.8% increase, emphasizing computer and BPO services, with the US dollar as the main invoicing currency. The survey covered over 7,000 companies.

India's software services exports have witnessed a rise, reaching USD 205.2 billion for the fiscal year 2023-24, according to the latest Reserve Bank survey. This growth marks a slight increase from the USD 200.6 billion recorded in the previous fiscal year.

Among the key trends highlighted by the RBI's survey are the dominance of computer and BPO services in the ITES sector. Notably, exports to the US accounted for 54% of the total, with Europe, particularly the United Kingdom, following closely behind at 31%.

Significantly, the survey gathered responses from 2,266 out of 7,226 contacted companies, representing 89% of total software services exports. The US dollar remains the dominant invoicing currency, while offsite services now account for 90% of deliveries, showcasing India's evolving software export landscape.

(With inputs from agencies.)