The offsite mode share of software services exported by Indian IT service companies increased to 88.8% in the fiscal as compared to 82.8% five years ago. This is the data that came out by the RBI on Thursday. All this implies an increase in the share of services offered and work done from India for the global IT service.
RBI collects the data on various expectations of the ITES and computer services export and BPO. In 2021-22, 6218 software export companies were contacted, of which 2074 companies included most of the large companies.
Computer services accounted for about two-thirds of total software services exports. BPO services accounted for about 84% of exports of IT services. Private limited companies accounted for almost 60% of the total export of software. On the other hand, export of the public limited companies declined during this year.
The total export of software services increased by 16% during 2021-22 and the services include affiliates of Indian companies and foreign companies. The local software business stood at $15.2 billion USD, and the US is the major destination. Of the foreign countries, the US shares 42.5% of the software business and of the total business, followed by the UK at 23.5%.
Let us tell you that the US and Canada were the top destinations for software exports. Now followed by Europe, about half of that was attributed to the UK.
- How much has the export of software services from India increased?
- What is the full form of RBI?
Ans. Reserve Bank Of India
- What is the full form of ITES?
Ans. Information technology-enabled services