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India's total exports of software services, including services delivered by foreign affiliates of Indian companies, increased to USD 205.2 billion during 2023-24 from USD 200.6 billion in the previous fiscal, according to a Reserve Bank survey. India's exports of software services (excluding their sales through overseas commercial presence) increased by 2.8 per cent during 2023-24 to USD 190.7 billion, according to the data related to the 2023-24 round of RBI annual survey on computer software and information technology enabled-services (ITES) exports. The US was the major software export destination with a 54 per cent share, followed by Europe (31 per cent share), where the United Kingdom was a major destination country, according to the data. In the survey, 7,226 software export companies were contacted, of which 2,266 firms, including most of the large companies, responded. The participating companies together accounted for nearly 89 per cent of total software services ...
As the NDA is set to form government for a third term, tech initiatives are expected to maintain pace, with IT Secretary S Krishnan on Wednesday saying that Meity will take up a slew of new initiatives as planned, while building on the legacy of past successes and outcomes. Krishnan, speaking on the sidelines of a Software Technology Park of India (STPI) event, said the ministry has a "number of initiatives which have been planned and are in the works" and those will be taken up once the new government is in place. To a question on whether the work on Digital Personal Data Protection (DPDP) rules and shaping Digital India legislation framework will continue at speed, he said, "the legacy in terms of what we have in the organisation in terms of...institutional memory continues." Asked in particular about the status of the proposed Digital India legislation -- which would provide guardrails and define regulatory approach on new age technologies like AI - he said, "We will see how we .
Tech firm Newgen Software Technologies on Tuesday posted a 31.67 per cent increase in consolidated net profit (attributable to shareholders of the company) to Rs 105.26 crore for the fourth quarter ended March 2024. The company had reported a net profit of Rs 79.94 crore in the year-ago period. Revenue from operations, driven by strong growth in Europe, Middle East, and Africa (EMEA) and India region, rose 23.01 per cent year-on year to Rs 375.26 crore, as against Rs 305.05 crore in Q4FY23, according to a BSE filing. The largest share of revenue was brought in by the banking vertical (73 per cent), followed by insurance (8 per cent), and Govt/PSUs (5 per cent). For the full FY24, the company's profit stood at Rs 251.60 crore, a 42.13 per cent ascent from the previous fiscal's Rs 177.01 crore. Revenue for the year was 27.70 per cent higher at Rs 1,243.82 crore. "We are delighted to close another good growth year in terms of revenue and profit with strong growth in India and EMEA .