Thanks to continued investment and policy support in digital infrastructure such as data centers and high-speed internet, India’s services exports reached a “historic” milestone of US$34.31 billion in October, a Commerce Department official said. said.
The official said India is leveraging its robust IT sector and skilled workforce to position itself as a global leader in exporting digital delivery services.
Services transacted through computer networks such as the internet, apps, email, and digital intermediary platforms have grown exponentially.
The official said, “India’s services sector reached a historic milestone in October 2024 with record monthly exports of $34.31 billion, an increase of 22.3% compared to October 2023.” he added.
Key factors driving growth in this sector include continued investment in digital infrastructure such as data centers and high-speed internet connectivity. Initiatives like Digital India that foster a conducive environment for IT and digitally delivered services. And partnerships with international companies have expanded market access for Indian IT companies, officials said.
The country’s exports of digital distribution services have seen remarkable development over the past two decades, soaring from just $30 billion in 2005 to $257 billion in 2023.
Growth since 2010 has been particularly impressive, with exports nearly quadrupling from $20 billion to $80 billion by 2014.
Growth has been consistent even before COVID-19, reaching $191 billion in 2019. However, the pandemic acted as a catalyst and propelled the sector to new heights.
“By 2023, exports have nearly doubled compared to the pre-COVID-19 peak, highlighting the resilience and adaptability of India’s digital services industry to overcome the challenges of the pandemic.
This consistent upward trend highlights India’s emergence as a global leader in the digital services sector, driven by factors such as a large pool of skilled IT professionals, competitive pricing, and a favorable business environment. ” said the official.
Following this trend, India’s leadership in the global digital economy is expected to further strengthen due to technological advances and increasing demand for digital transformation services globally.
