Outsourcing grabs 60% of software export pie
Despite continued opposition from trade and labor unions, offshore exports of IT software and services, excluding IT-enabled services, has reached the 60% mark of total software exports.
In the current fiscal year, 2002-2003, the total software exports stood at Rs 34,500 crore. Offshore exports reached a record high of Rs 20,700 crore, approximately 60% of the total, according to the latest figures disclosed by the Electronics and Computer Software Export Promotion Council.
The increase in offshore exports is expected to compensate for the mounting pressures on the economy due to visa restrictions.
The drastic cut in H-1B visas by the US, has strained the IT sector, forecasting a lower revenue from talent exports this year.
Last year, 2001-2002, offshore exports accounted for 56%, touching Rs 15,500 crore of a total Rs 27,667 crore.
The increase in the offshore component has been gradual but consistent, as revealed by the study.
- How AI-ML Are Fueling Video Editing Innovations
- GST Spurs Sales Of Accounting Software [Infographic]
- Cloud In Industrial IoT To Cross USD 46K Mn By 2026: Research
- Five Key Takeaways From Cisco India Summit 2018
- How To Maximize Space In Your Data Center
- AI, IoT Enhancing Video Surveillance Capabilities
- Businesses Speed Up Adoption of Augmented Analytics Tools
- India Opens Second IT Corridor In China
- IBM Is Unlocking Tribal Knowledge With Data
- Top Enterprise Software Tech Trends So Far In 2018