India’s IT, BPO exports boom, up 12% to $193Bn
NEW DELHI, INDIA — India’s exports of information technology (IT) and business process outsourcing (BPO) services surged over 12% to reach $193 billion in fiscal year 2023, representing the continued rapid expansion of one of the country’s flagship export sectors.
IT software and services accounted for the majority of export earnings at $126 billion, largely driven by India’s globally competitive software development industry.
This was followed by $52 billion in BPO service exports as Indian firms handled more back-office, call center, and other operational tasks for multinational companies.
According to new data from the Electronics and Computer Software Export Promotion Council (ESC), ESC Chairman Sandeep Narula noted that the growth of BPO services at 14.63% and IT products at 13.33% are good indications since global trading of these segments would go up considerably in the coming years
ESC’s analysis also revealed that Indian IT firms are expanding beyond established markets like the United States, which remained the top destination at nearly 55% of exports, to make inroads across more countries and regions.
Top export destinations after the U.S. included the United Kingdom (13.09%), Japan (6.50%), the Netherlands (3.63%), Germany (3.11%), and Australia (2.59%).
Boosted by the tech services boom, India’s total exports, including goods and services, reached about $770 billion in fiscal year 2023, representing nearly 14% growth over the previous year.
The government hopes further expansion of IT and BPO exports will support broader economic growth and development objectives.
With India’s highly skilled technology workforce and continued digital transformation across sectors globally, analysts expect rapid growth of tech exports to be sustained over the coming years as Indian firms cement leadership in new domains.
Read more here.
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