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India’s Software Exports Surges By 37% To 3.41 lakh Crores: RBI
Indian tech and software industry have been growing well, but last year was particularly good for the segment.
Software related products and IT enabled services registered an impressive growth of 37% on an Year on Year Basis. During the financial year 2012–2013, the segment conducted business worth 3.14 Lakh Crores (US$ 62.6 Billion), found the apex Bank; Reserve Bank of India (RBI),
“India’s total export of computer services and ITeS/BPO services during 2012-13 is estimated at Rs 3.41 lakh Crores (US$ 62.6 Billion), exhibiting 20.7% growth in terms of dollar over the previous year,”
Recently conducted survey by RBI, titled ‘Computer Software & Information Technology Enabled Services Exports: 2012-13’ was able to unearth some reassuringly positive insights about the software and associated services industry particularly from the exports perspective.
How well did Indian industries do? In the year 2011–2012, the Software Exports amounted to Rs. 2.84 Lakh Crores. If segmented, Computer Services or ITeS (Information Technology enabled Services) constituted about 75.2% (Rs. 1.86 Lakh Crores), while Business Process Outsourcing (BPO) constituted 24.8% (Rs. 61,720 Crores).
Looking at last year’s figures, it is clear that the BPO Segment is gaining in prominence. In the year 2012–2013, the BPO Segment contributed about 28.1%, while the ITeS Segment’s contribution slipped marginally to 71.9%. Another interesting segment that saw a decline was the on–site Mode of Software Services which involves stationing staff at the customers’ premises for immediate assistance. The survey pointed out that the on–site model’s contribution in total service exports decreased from 17.8% in 2011-12 to 15.8 % in 2012-13. This could be attributed to the increasing restrictions levied by the US Government about such workforce.
Speaking of countries, the US and Canada continued to remain top destinations for software exports and accounted for 64.1% of the total export during 2012-13. Major component of the rest of the exports was aimed at European Countries (20.2%).
RBI’s survey encompassed 6,660 IT Companies, though only about 737 responded. If RBI was able to deduct such wealth of information from such a small respondent group, the actual picture of the IT and Tech industry must be much healthier. What do you think?
Source | ToI
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Source: http://www.watblog.com/2014/02/19/indias-software-exports-surges-by-37-to-3-41-lakh-crores-rbi/
