The sector also witnessed a growth of 32.7% in April-September 2022 over the same period of FY22. Software and business services account for over 60% of India’s total services exports and registered a strong growth during the second quarter of FY23.
While these growing exports were driven by strong revenues from IT companies coming from various segments such as retail and consumer business; healthcare, banking, communications and media, there was also a significant pick-up in engineering, and research and development related services which boosted the growth in business services exports during the quarter.