India’s IT Exports Hit $200 Billion in FY 2023-24, Growing by 3.63%: Report

India's software and IT services exports continued their upward trajectory in the financial year 2023-24, reaching an estimated $200 billion, according to a report released by the Electronics and Computer Software Export Promotion Council (ESC) on Thursday.

This represents a 3.63 percent growth compared to the $193 billion recorded in the previous fiscal year, underscoring the sector’s resilience and pivotal role in India's digital economy.

The report provides insights into the regional distribution of software exports, highlighting the dominance of the southern region, which accounted for $131.1 billion, or approximately 65.55 percent of the total exports. The western region followed with $34.1 billion (17.05 percent), while the northern region contributed $30.78 billion (15.39 percent). The eastern region had the smallest share, with $4.02 billion (2.01 percent).

India’s IT and electronics sector has witnessed significant expansion, attracting major global corporations due to its skilled workforce, cost efficiency, and favorable business climate. Emerging technologies such as artificial intelligence, machine learning, and cloud computing are further solidifying India's status as a leading digital powerhouse.

ESC Chairman Veer Sagar emphasized, “India’s skilled managerial and technical workforce is meeting global standards, particularly in the IT sector, which is transforming the country into the world’s outsourcing hub.”

He further noted that the growth in IT software and services, software product development, and BPO services has been a key driver behind this trend.

The United States remains the largest destination for Indian software exports, accounting for $109.40 billion (54.70 percent). The United Kingdom follows with $28.70 billion (14.35 percent), while Singapore and China recorded $7 billion (3.50 percent) and $5.50 billion (2.75 percent), respectively.