Business

India’s Software and IT Services Exports Hit $200 Billion in 2023-24: Report

Published

1 year ago

March 15, 2025

According to a recent report, India’s software and IT services exports continued their upward trajectory in the financial year 2023-24, reaching an estimated $200 billion. This represents a growth of 3.63% from the previous year’s total of $193 billion, as highlighted by the Electronics and Computer Software Export Promotion Council (ESC).

This consistent growth underscores the sector’s resilience and its vital role in supporting India’s digital economy.

The report outlines the diverse regional contributions to India’s software exports. The southern region stands out as the largest contributor, amounting to $131.1 billion, which constitutes approximately 65.55% of total exports. The western region follows with $34.1 billion (17.05%), while the northern region contributes $30.78 billion (15.39%). The eastern region has the smallest share at $4.02 billion (2.01%).

India’s IT and electronics industry has seen significant expansion, attracting prominent global companies due to its skilled workforce, cost advantages, and favorable business climate. The emergence of technologies like artificial intelligence, machine learning, and cloud computing further enhances India’s standing as a global digital powerhouse.

“The skilled managerial and technical workforce in India meets international standards, especially in the IT sector, positioning the country as the world’s premier outsourcing hub,” stated ESC Chairman Veer Sagar. He noted that the sectors of IT Software and Services, Software Product Development, and BPO Services are key drivers of this growth.

In terms of major markets for India’s software exports in 2023-24, the United States leads with $109.40 billion (54.70%), followed by the United Kingdom at $28.70 billion (14.35%), Singapore at $7 billion (3.50%), and China at $5.50 billion (2.75%). Sandeep Narula, Chairman of ESC Global Outreach, emphasized that these figures reinforce the Indian IT industry’s prominence as a global leader in software exports.

Business

Overseas Loans by Indian Firms See Sharp Decline

Published

14 hours ago

May 17, 2026

Namma Kudla

Business : Indian companies borrowed $5.43 billion from abroad in March, according to RBI data. This was 51% lower than March last year.

Experts said the weak rupee and high global interest rates made foreign loans less attractive for companies.

In the financial year 2025-26, India Inc raised nearly $43 billion through foreign borrowings. This was down from $61 billion in the previous year.

In March 2025, borrowings had crossed $11 billion due to large deals by companies like JSW Steel and Tata Semiconductor Manufacturing.

Companies are also avoiding overseas loans because hedging costs have become expensive during currency volatility.

The RBI reportedly discussed easing foreign borrowing rules and offering hedging support, but no final decision was taken.

Market experts said the ongoing West Asia conflict has increased uncertainty, making companies cautious about raising funds from abroad.

Business

Fuel Prices Hiked by Rs.3 per Litre across India

Published

3 days ago

May 15, 2026

Namma Kudla

New Delhi: Petrol and diesel prices have been increased by Rs.3 per litre across the country from today. Oil marketing companies revised the rates due to the rise in global crude oil prices.

After the hike, petrol price in Bengaluru has reached Rs.106.17 per litre, while diesel now costs Rs.94.10 per litre.

The increase comes amid fluctuations in international crude oil prices and tensions in West Asia, including the Iran conflict. The fall in the value of the Indian rupee against the US dollar has also increased import costs.

The fuel price hike is expected to affect transportation and daily essentials. Transport charges for goods may rise, leading to higher prices of vegetables, fruits, milk, and other items. Bus, auto, and taxi fares may also increase.

Earlier, fuel prices were reduced before the 2024 Lok Sabha elections. In 2022, the Centre had also cut excise duty to control inflation after the Covid pandemic.

Business

Gold Prices Rise in Mangaluru; Demand for Ornaments Remains Strong

Published

2 weeks ago

May 4, 2026

Namma Kudla

Mangaluru: Gold prices in the coastal city of Mangaluru have been reported at high levels today. The rate for 24 karat gold (99.9% purity) stands at Rs.14,962 per gram. The price for 22 karat gold (91.6% purity) is Rs.13,715 per gram. Meanwhile, 18 karat gold (75% purity) is being sold at Rs.11,222 per gram.

Mangaluru is well known for its deep cultural connection with gold. The city has a long tradition of buying and wearing gold ornaments. This tradition continues strongly even today.

Local jewellers say that demand for gold remains steady despite high prices. Many people still prefer to invest in gold for safety and long-term value. Gold is also an important part of weddings and festivals in the region.

Apart from its love for seafood, Mangaluru is also famous for its gold market. The gold trade in the city has a long history and continues to grow.

Buyers are advised to check the latest rates before making a purchase. They can also use a gold rate calculator to get exact pricing based on weight and purity.

Experts say that gold prices may change depending on global market trends. Customers should stay updated and make careful decisions while buying gold.