India's Software Services Exports Surge 9.1% In FY20 Says RBI

Reserve Bank of India (RBI) has released the data related to the 2019-20 round of its annual survey on exports of computer software and information technology enabled services. For the 2019-20 round of the survey, 6078 software export companies were contacted, of which 1475 companies responded, which included most of the large companies. The responding companies accounted for around 82.7% of the total software services exports during the year.

India's export of software services stood at US$ 128.6 billion during 2019-20, registering 9.1% growth over the previous year. Exports of computer services and ITES/BPO services contributed 66.6 per cent and 33.4%, respectively, of the total software services exports.

Private limited companies accounted for more than half of the total export of software services. The USA was the major destination for software exports with 56.6% share. Europe had 27.6% share, nearly half of which was in the UK.

The US dollar was the principal invoicing currency for software exports with 71.6% share. Euro and pound sterling together accounted for another 16.7%. The off-site mode remained the preferred mode of delivery of the total export of software services.

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