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India’s software services exports up by 17.2% in FY22: RBI

India’s software services exports up by 17.2% in FY22: RBI
Photo Credit: Pixabay
9 Sep, 2022
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India’s exports of software services (excluding exports through commercial presence) are estimated to have increased by 17.2% to $156.7 billion during FY2021-22, according to a data released by the Reserve Bank of India (RBI).  

The share of offsite mode of exports of software services by Indian IT services companies increased to 88.8% in fiscal FY 2021-22 as compared with 82.8% five years ago, it said. 

For the survey, RBI collects details on India’s exports of software services (computer services and information technology enabled services (ITES)/business process outsourcing (BPO) services) as per type of activity, on-site/off-site nature of services, country of destination and four modes of supply.  

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In 2021-22, nearly 6,218 software export companies were contacted, of which 2,074 companies, including most of the large companies, responded, said RBI. The responding companies accounted for 89.4% of the total software services exports during the year.  

Computer services continued to account for over two-thirds of total software services exports. BPO services accounted for nearly 84% of exports of IT enabled services, said the report. 

Private limited companies accounted for 60% of the total exports of software services whereas exports by public limited companies declined during the year, it added.  

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The United States and Canada were the top destination for software exports with 55.5% share, followed by Europe, of which nearly half was attributed to the United Kingdom, found the report.   

In terms of modes of supplying services, the share of Mode-1 (cross-border supply or offshoring) in India’s exports of software services increased further to 80.9% in 2021-22. On the other hand, the share of other three modes of delivery (consumption abroad, commercial presence and presence of natural persons) declined, it said.