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The Reserve Bank of India (RBI) in its latest survey report has showed that exports of software services by Indian companies (excluding their sales through overseas commercial presence) increased by 18.4 per cent during 2022-23 to $185.5 billion. It also noted that computer services accounted for over two-thirds of total software services exports during the year; BPO services remained the main component of ITES exports.

As per the survey on ‘Computer Software and Information Technology Enabled Services Exports: 2022-23’, private limited companies accounted for 56.1 per cent of the total exports of software services during the year though they recorded lower growth of 10.9 per cent when compared with 31.8 per cent rise in software exports by public limited companies.

RBI Survey further stated that exports to all major regions improved during the year; the United States of America (USA) was the destination of nearly 55 per cent of India’s software exports followed by Europe (31 per cent), where the United Kingdom (UK) had a large share. The US dollar was the dominant invoicing currency for India’s software exports, followed by the Euro, the Rupee and the Pound Sterling.

Besides, the survey report showed that total exports of software services, including services delivered by foreign affiliates of Indian companies, increased by 16.7 per cent during 2022-23 to $200.6 billion; local software business by such affiliates amounted to $15.1 billion during the year, with the USA and the UK remaining the major destinations.