India's IT Export Machine
India's software services exports have nearly doubled in five years, growing from $93 billion in FY2020 to $181 billion in FY2025. Every quarter, Indian IT companies earn more from overseas clients than the previous quarter. At the current pace, FY2026 is on track to cross $200 billion.
$181B
FY2025 Receipts
94%
5-Year Growth
~$203B
FY2026 Annualized
+13%
FY25 YoY
$93B to $181B in five years
Software services receipts grew from $93B in FY2019-20 to $181B in FY2024-25 - a 94% increase. Net earnings (after deducting payments to foreign firms) grew from $85B to $160B.
IT is India's single largest forex earner
Software services consistently account for 43-48% of all services receipts. In FY2025, $181B in IT receipts dwarfed merchandise exports and every other services category. This is why the rupee stays relatively stable despite persistent trade deficits.
FY2026 is tracking above $200 billion
The first three quarters of FY2026 have already brought in $153B. At this pace, the full-year figure will cross $203B - more than double what it was just five years ago.
COVID barely made a dent
Even in FY2021 - the worst pandemic year - IT receipts grew from $93B to $100B. Remote work accelerated digital transformation budgets globally, and Indian IT companies were the primary beneficiaries.