Software service export grew by 10.3 percent in 2016-17

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India’s export of software services rose by 10.3 percent on an annual basis to $ 97.1 billion in 2016-17, the Reserve Bank (RBI) said today.

The export of software services excluding the one through commercial presence was $ 88 billion in 2015-16.

“The USA and Canada remained the top destinations of India’s export of software services, followed by Europe in which the UK accounted for nearly half,” said RBI’s ‘Survey on Computer Software Information Technology Enabled Services Exports: 2016-17’.

Export of computer services ruled, with private and public limited companies accounting for equal shares during the year.

The US dollar was the principal invoicing currency, making up 73 percent of software exports, followed by the pound sterling and the euro.

For the 2016-17 round of the survey, the RBI said, 7,506 IT companies were approached, of which 1,362  including most large companies responded.

The responding companies accounted for 81.2 percent of the total software exports during the year.

Exports of the remaining companies were estimated using the distribution pattern after classifying them in four groups i.e. IT services, BPO services, engineering services and software product development.