
IT and Software Sector Supports the Economical Backbone of India
By Aarti Dhapte , 24 April, 2023
India's goods and services are on track despite all the ongoing global economic uncertainties and will reach a new record in 2023. In February 2023, reports published through the commerce and industry department showed that total exports would cross $750 billion for the financial year ending on March 31, 2023, with $676 billion in 2021-2022.
Indian Services exported for the current financial year amounted to $268 billion by the end of January 2023, as per the data given by the Department of Commerce. It surpassed 2022 with a total of $254 billion, with two months more. Again, good exports, which were affected by slowing global demand in recent months, trailed the entire year for 2021-22 by 12 percent by the end of January, as per the reports. But the exports year-to-date were up to 9 percent compared to the same financial year, 2021.
India is one of the most significant services exporters in the world, driven by its robust software and IT services, as per the survey reports. According to the news, telecommunications, and information services are the country's largest export by a good margin in the financial year 2021-2022. Along with other business services, it accounted for more than 70 percent of services of exports and 30 percent of total exports in the same year.
As India offers low-cost knowledge-based services, the demand for such has not fallen amidst a global economic slowdown. According to the Economic Survey 2022-2023, this resilience regarding economic turmoil explains why India was the fastest-growing major economy in 2022, according to the estimates of the International Monetary Fund.
India IT Services YOY Growth Rates,2020-2025

Latest News

In March 2025, Elsevier launched ScienceDirect AI, a world-renowned leader in science and health information science. This state-of-the-art generative AI tool can potentially transform the industry with its revolutionary advances in research. This…

The global electric vehicle (EV) industry has reached a pivotal milestone. The average price of lithium-ion battery packs has dropped below the USD 100 per kilowatt-hour (kWh) threshold, a benchmark long considered critical for achieving price parity…

In 2025, China will focus on self-sufficiency in high-tech industries by further integrating domestically produced semiconductor chips into the country\'s electric vehicle (EV) industry. By doing so, China aims to reduce reliance on foreign…

GM will implement artificial intelligence (AI) in the company's facilities in 2025 to improve safety, quality, and efficiency. This appears to be another strategic initiative from GM aimed at innovation and operational improvement.
At GM, one of the…

In January 2025, Honda Motor Co., Ltd. and Renesas Electronics Corporation declared a strategic collaboration to create a high-performance system on a chip (SoC) designed for Software Defined Vehicles (SDVs). This cooperation is intended to bolster…

Team Lead - Research
Latest News




