Bengaluru: The computer software/services & IT enabled services (ITeS) has grown by 3.83% to US$ 111 billion during 2016-17 as against US$ 107 billion in 2015-16, according to the estimates released by Electronics & Computer Software Export Promotion Council (ESC).
Importantly, the Statistical Year Book of ESC was released yesterday at the inaugural session of the India soft 2018 held yesterday in Bengaluru, which is being attended by over 400 foreign buyers and 200 Indian exhibitors.
Highlighting the major findings of the Statistical Year Book of ESC, Mr. Kohli, Chairman, Indiasoft Organizing Committee and Past Chairman, ESC said, “USA remains the top destination of India’s export of software/ services, accounting for 57% in India’s total exports in 2016-17. In value terms, it translates into US$ 63.51 billion as compared to US$ 61.51 billion in 2015-16. The UK remains top second top destination with a share of 18%. In value terms, it works out to US$ 20 billion, followed by Singapore (US$ 4.43 billion), the Netherlands (US$2.49%)”.
Commenting on the future strategy of the ESC to create alternative markets for software exports and services, Mr. DK Sareen, Executive Director, ESC said, “the basic objective of Indiasoft is to reduce the dependence on a single market and to make forays into alternative markets. Over a period of time, we have reduced the dependence on the US market to close to 80% to the current level of 57%. We are confident that while India’s share of computer software and services in the world market would go up, our dependence on the US will come down over the years.”
The Indiasoft 2018, Mr. Nalin Kohli said, has taken stock of the impediments of penetrating into software and services markets into emerging markets like Japan, Africa, CIS, and Latin America etc. The consensus was that India should try to get orders being placed by countries in the region directly instead of working as vendors and sub-contractors to the multinational corporations. “We are being assured by the Commerce & Industry Minister that the Government of India would do whatever possible to empower the Indian industries to go scouting more intensely in the alternative markets. We expect a major presence of Indian IT companies in these markets going by the interests being shown by IT enterprises in these countries.
For the Indiasoft 2018, we have over 60 buyers, 25 or so from Latin America, and presence of over 40 plus countries either from emerging or virgin markets like Middle East, SAARC,” added. Mr. Sareen said that India’s software and services exports are spreading spatially across the globe. Now India exports software and services to over 145 countries. “We have made inroads into almost all markets. What we have to do in the future is to scout aggressively in these markets to up our market share in these yet to be developed markets. Indiasoft is an effective vehicle for getting a strong foothold in these markets,” he added.