November 1, 2020
India’s total software exports in 2019-20 totaled US$60.1 billion, with current exports en route to equal this amount
STPI Director General highlighted India’s export capabilities and the uninterrupted services provided even during the lockdown period
STPI schemes are creating an enabling environment for Indian startups and IT companies
India’s growing exports are in line with targets of recording annual IT revenue of US$350 billion by 2025
India’s software exports continue to rise despite the challenges of COVID-19, with a total estimated value of US$33.43 billion in only 6 months and projections for FY 20-21 to almost equal that of the previous fiscal year. According to Economic Times coverage on November 1, data provided by the Software Technology Parks of India (STPI) showcased export figures for the last two consecutive quarters in line with the US$60.1 billion of software exports registered in 2019-20.
STPI Director General, Omkar Rai, spoke on the positive performance of software exports this year, as per the data available to STPI, an autonomous group established by the Ministry of Electronics and Information Technology (MeitY) to support India’s software export capabilities. He explained how Indian IT companies have successfully provided uninterrupted services throughout this year’s lockdown, and reiterated STPI efforts to meet the growing global demand for data analytics and software solutions during this challenging time. With the help of specific software and hardware schemes, STPI is in the process of creating an enabling environment for startups and technology companies, allowing them to provide world-class IT solutions as exports, globally.
In 2018-19, the IT-ITeS sector had contributed 25 percent of India’s total exports, highlighting the growing potential of the sector. The Government’s ongoing target of recording annual IT revenue of US$350 billion by 2025 continues to be a major building block towards steady economic growth. India serves as a reliable destination for IT solutions through constant innovation and improving capabilities in next-gen technologies. Additionally, the Government of India had approved the ‘National Policy on Software Products 2019’ to develop the nation as a software product hub, budgeting over US$215 million to encourage R&D into IP-driven emerging technologies, and offering the potential for a 10-fold increase in India’s share of the Global Software product market by 2025.