Exports of software services up 2.1% to $ 148.3 billion in 2020-21: RBI survey

Mumbai: Exports of software services, including services delivered by foreign affiliates of Indian companies, recorded 2.1 per cent growth during 2020-21 and stood at $ 148.3 billion, as per a Reserve Bank survey released on Monday. The RBI released data related to the 2020-21 round of its annual survey on exports of computer software and information technology enabled services.

"India's exports of software services (excluding exports through commercial presence) are estimated at $ 133.7 billion during 2020-21, registering 4.0 per cent growth over the previous year," the RBI said. Software exports by foreign affiliates through commercial presence, where the US is a major destination, stood at $ 14.6 billion in 2020-21.

"Total exports of software services, including services delivered by foreign affiliates of Indian companies, recorded 2.1 per cent growth during 2020-21 and stood at $ 148.3 billion," it said. Computer services and ITES accounted for 65.3 per cent and 34.7 per cent, respectively, of the total software services exports. BPO services were the dominant component of exports of IT enabled services (ITES).

Also, over half of the exports of software services were made by private limited companies.

"The United States was the major destination for software exports accounting for 54.8 per cent; Europe had 30.1 per cent share, nearly half of which was in the UK," it said. The US dollar was the principal invoicing currency for software exports with 72 per cent share; euro and pound together accounted for another 15.9 per cent.