IT services, BPO exports grew over 12% to touch $193 billion in FY23: ESC

The exports of computer software and services, including IT enabled services and BPO, logged 12.2 per cent growth during 2022-23 to touch USD 193 billion, according to estimates by Electronics and Computer Software Export Promotion Council (ESC).

The IT software/services chunk accounted for the bulk of this at USD 126 billion, followed by BPO services (USD 52 billion).

"In value terms, export of the IT/ITeS/and BPO during 2022-23 is estimated at USD 193 billion, up from USD 172 billion estimated in the year 2021-22, registering a growth of 12.21 per cent, which is mostly contributed by IT software/services at USD 126 billion, followed by BPO services (USD 52 billion), software products development (USD 5.1 billion), engineering services (USD 9 billion)...," Sandeep Narula, Chairman of ESC said in a release.

Narula said the growth of BPO services at 14.63 per cent and 13.33 per cent growth of IT products are good indications since global trading of these segments would go up considerably in the coming years.

ESC said its study indicates that Indian IT offerings are increasingly penetrating more countries and maintaining their footprints in the traditional markets.

"The US continues to be the major market accounting for 54.92 per cent of the total software exports from India in 2022-23... which in value terms translated into USD 106 billion," Gurmeet Singh, Executive Director of ESC said.

As per ESC, the other key markets for the Indian IT-business Process management sector are the UK (13.09 per cent), the Netherlands (3.63 per cent), Japan (6.50 per cent), Germany (3.11 per cent), and Australia (2.59 per cent).