During the first eight months of the fiscal year 2023-24, the IT and IT-enabled Services (ITeS) export remittances, which encompass computer services and call centre services, experienced a notable increase of approximately 14.9%. Data indicated that these remittances reached $1.977 billion, marking a significant rise from $1.720 billion recorded during the corresponding period in the previous fiscal year.
However, in February 2024, ITeS exports witnessed a slight decline of around 4% on a month-on-month basis, totaling $257 million compared to $265 million in January 2024. Nevertheless, on a year-on-year basis, the sector’s export remittances surged by approximately 32%, notably surpassing the $195 million recorded in February 2023.
Meanwhile, the ICT export remittances, which encompass telecommunication, computer, and information services, amounted to $2.597 billion. Although this figure represented a negative growth rate of around one percent in FY23 compared to $2.619 billion in FY22.
Identifying various constraints, the Ministry of Information Technology and Telecommunications highlighted issues such as policy inconsistencies, taxation challenges, and banking hurdles. These obstacles have been identified as hindrances to the information technology sector’s export potential, estimated at around $15 billion.
