: Exports of software services post marginal increase, cross US$ 133 billion during 202021: RBI #FinanceIndia #StockMarketNEWS Exports of software services post marginal increase, cross US$ 133 billion

@StockMarketNEWS Tue 21 Sep, 2021

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Exports of software services post marginal increase, cross US$ 133 billion during 202021: RBI #FinanceIndia #StockMarketNEWS
Exports of software services post marginal increase, cross US$ 133 billion during 2020-21: RBI New Delhi, Sept 21 (KNN) The Reserve Bank of India (RBI) has released data related to the 2020-21 round of its annual survey on exports of computer software and information technology enabled services.

According to the survey, India’s exports of software services (excluding exports through commercial presence) are estimated at US$ 133. 7 billion during 2020-21, registering 4. 0 per cent growth over the previous year.

The survey collects details on India’s exports of software services {computer services and information technology enabled services (ITES)/business process outsourcing (BPO) services} as per type of activity, on-site/off-site nature of services, country of destination and four modes of supply.

For 2020-21 round of the survey, 6115 software export companies were contacted, of which 1815 companies responded, which included most of the large companies. The responding companies accounted for 86. 5 per cent of the total software services exports during the year.

Some of the survey highlights are:
   -- Computer services and ITES contributed 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
   -- 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 (Table 5).
   -- The US dollar was the principal invoicing currency for software exports with 72. 0 per cent share; Euro and Pound sterling together accounted for another 15. 9 per cent (Table 6).
   -- The share of off-site mode of exports of software services has increased gradually to 87. 1
   -- The share of mode-1 (cross-border supply) in India’s exports of software services increased further to 78. 4 per cent in 2020-21: this share of mode-1 has been increasing over the years from 38. 8 per cent in 2002-03 to 64. 6 per cent in 2009-10 and further to 75. 1 per cent in 2019-20, at the cost of the other three modes of delivery {viz. , mode-2 (consumption abroad); mode-3 (commercial presence); and mode-4 (presence of natural persons)} (Table 8).
   -- Software exports by foreign affiliates through commercial presence, where the USA is a major destination, stood at US$ 14. 6 billion in 2020-21 (Tables 9 and 10).
   -- Total exports of software services, including services delivered by foreign affiliates of Indian companies, recorded 2.