By Manal Abdel Fattah
According to data issued by the Electronics and Software Export Promotion Council of India, computer software and services exports, which include information technology, IT services and business process outsourcing, achieved a growth of 12.2% during the year 2022/2023 compared to the previous year, with the value of exports increasing from 172 billion US dollars. During the year 2021/2022 to 193 billion US dollars during the year 2022/2023.
IT software/services accounted for the largest share of exports at US$126 billion, followed by business process outsourcing (BPO) services at US$52 billion, software product development at US$5.1 billion, and engineering services at US$9 billion. While exports of business process outsourcing services achieved a growth of 14.63%, exports of information technology products increased by 13.33%.
The Export Promotion Council study noted that Indian IT products are being exported to new countries while also maintaining a presence in their traditional markets. The US continued to be the major market for Indian software exports, although a decline in its share was observed over the past year. The United States accounted for $106 billion, or 54.92%, of software exports in 2022-2023, compared to 58% the previous year. Other important markets for the Indian IT sector are the UK with a 13.09% share in exports, the Netherlands with a 3.63% share, Japan with a 6.50% share, Germany with a 3.11% share, and Australia with a 2.59% share.
India is a world leader in information technology and is increasingly emerging as a global power in financial technology and IT services. The remarkable growth of the IT industry in India can be attributed to economic liberalization policies such as reducing trade barriers and abolition of import duties on technology products by the Government of India, in addition to several other government initiatives such as setting up of software technology parks, export-oriented units, special economic zones, And foreign direct investments that helped India achieve a leading position in the IT industry at the global level.
