Software Services Exports Grow 2.1% In 2020-21, Turnover At $148Bn: RBI Survey

RBI has released an annual survey of 2020-21 on the export of computer software and IT related services. According to the report, exports of software services registered a growth of 2.1 percent.

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New Delhi: Software services exports went up by 2.1 percent to $148.3 billion in 2020-21. Exports include services of foreign units affiliated with Indian companies.

A survey released by the Reserve Bank of India (RBI) on Monday revealed information. RBI has released an annual survey for 2020-21 on exports of computer software and Information Technology related services.

RBI Annual Survey 2020-21

According to the central bank, "India's export of software services (excluding exports through commercial presence) increased by four percent annually to $133.7 billion in 2020-21. Software exports through the commercial presence of foreign affiliate units increased to $14.6 billion in 2020-21. The biggest destination, in this case, is the U S. Its participation in software exports was 54.8 percent." 

Software Services Exports

According to RBI, exports of total software services, including affiliated foreign units of Indian companies, rose 2.1 percent to $148.3 billion in 2020-21.

Computer services and IT affiliate services accounted for 65.3 percent and 34.7 percent of total software service exports. The export of Information Technology (IT) Allied Services (ITES) was dominated by BPO (Business Process Outsourcing) services.

The central bank said, "The major destination for software exports was the United States with a 54.8 percent stake. Europe's stake was 30.1 percent. About half of the partnership was by UK. 6,115 software exporting companies were contacted for the 2020-21 survey, of which 1,815 responded, which were mostly large companies.