India: export revenues in the IT sector 2024

In FY2023, the total revenue generated by IT industry exports from India was estimated to be approximately US$194 billion. It was almost twice as high compared to USD 108 billion in 2016. In the presented period, despite the impact of the coronavirus pandemic, a constant increase in the value of exports was recorded.

IT industry in India

IT products and services are arguably one of India’s most important exports. In fiscal year 2023, it was 7.5 percent. country’s GDP. The Indian IT sector began to flourish in the 1990s after the government introduced a new software policy aimed at building adequate infrastructure for software development in the country. This sector is mainly an outsourcing industry with a reputation for offering high-quality outsourcing services. The leading type of IT exports was IT software and services, whose value in 2023 amounted to USD 126 billion.

Tata Consulting Services

Of all the IT services and consulting companies in India, the most successful was Tata Consultancy Services, whose market capitalization has exceeded 10 trillion Indian rupees. It was formed in 1968 as part of the Tata Sons band. After going public in 2004, it became the most important subsidiary of the Tata Group. It employs over half a million people and operates in over 50 countries. More than one third of its revenue comes from the banking, financial services and insurance industries.