IT, ITeS Export Remittances Increases 1.7pc During Jul-Feb FY23

The IT and IT-enabled Services (ITeS) export remittances comprising the computer and call centre services increased by over 1.7 per cent during the first eight months of the current fiscal year 2022-23. IT and ITes Export remittances increased to $1.718 billion during Jul-Feb FY23 compared with $1.689 billion during the same period of last fiscal year.

IT, ITeS Export Remittances Increases 1.7pc During Jul-Feb FY23

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According to the official data, on a year-on-year (YoY) basis, the sector’s exports remittances decreased by around three per cent. It remained at $195 million in February 2023 compared to $201 million in February 2022. On a month-on-month basis, the sector’s export remittances increased by 2.5 per cent when compared to $190 million in January 2023.

The ICT export remittances, including telecommunication, computer, and information services, reached an all-time high of $2.618 billion. It showed a growth rate of 47.43 per cent in the fiscal year 2021-22 compared to $ 2.108 billion in the fiscal year 2020-21.

The Ministry of Information Technology and Telecommunication officials stated that despite persistent ease of doing business challenges and increase in the cost of doing business, ICT export remittances of $1.718 billion have been realized by the IT and ITeS Industry during the period July 2022 to February 2023 of the fiscal year 2022-23.

The ministry is hopeful to get the target of $5 billion would be achievable by June 2023. The government is taking all possible steps to ensure a long-term IT industry growth trajectory and enhance IT industry exports to $5 billion by 2023.

However, the ministry has warned the government that on account of the non-implementation of agreed incentives, lack of consistency in policies, as well as, without resolving the tax and banks-related issues, the telecom sector exports remittances may suffer besides compromising its digital vision.

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