03-Jan-2023
According to the officials, Software Exports from Technopark increased 15% to $9,775 billion According to data released on Wednesday, IT exports from the Technopark complex in Thiruvananthapuram increased by almost 15% to reach RS 9,775 crore for the fiscal year 2021–2022 The overall exports during the previous fiscal year were around RS 8,501 Crore. In this blog, we will discuss the latest notification on the Software Export Import Market.
Technopark's Software Exports Rise 15% to $9,775 billion Data released on Wednesday shows that for the fiscal year 2021–2022, IT exports from the Technopark complex in Thiruvananthapuram surged by approximately 15% to reach RS 9,775 crore. Around RS 8,501 Crore in total was exported during the preceding fiscal year.
Technopark, which was the first of its kind in the nation when it first opened up here in the late 1990s, is now home to over 70,000 people who work in 470 enterprises and has a total IT built-up area of roughly 10.6 million square feet.
Technopark gave 78 businesses office space throughout the course of the past 18 months of the fiscal year, totalling 2, 68,301 square feet of built-up IT space.
According to Snehil Kumar Singh, CEO of Kerala IT parks, a technopark has a significant and growing role in Kerala's IT exports. In order to draw in other businesses and investments for the state, he stated, Technopark is looking at new frontiers of expansion and broadening its product offers.
According to Export Import Data, the United States and Canada continue to be the primary destinations for software exports, accounting for 55.5% of all exports, followed by Europe and the United Kingdom, which accounted for 50% of all exports. India sold IT services of $86.9 billion and $48.6 billion to the US and Europe, respectively, in FY22. In 2021–2022, exports only rose to the three regions.
However, the report comes against the backdrop of US and European enterprises tightening their IT budgets already. Indian IT majors are already reporting and responding to these trends, slashing variable pay for their employees and hiring at a moderated pace.
One of the key elements affecting the productivity of production factors is an information technology (IT). By directly or indirectly influencing productive capacities, the use of IT in economic activities significantly contributes to the improvement of the economic development of global economies.
Due to its significant economies of scale and the insatiable demand from both consumers and manufacturers, it is today regarded as the strongest industry globally. It has significantly contributed to employment overall and economic progress in both developed and developing nations.
The beauty of it is that it aids in the growth or leveraging of other economic sectors since information generally plays a key role in manufacturing processes that significantly increase the productivity of input factors, particularly labour. The IT revolution stimulated the global economy, which has had a remarkable impact on societies, businesses, and governments. Get Export Import Data.
India is not an exception in this regard. The enormous development of the Indian economy has been affected by the IT sector's phenomenal performance following economic reforms, particularly in software and service exports.
Since the last ten years, the importance of IT software and services has grown, as evidenced by the rising proportions of these industries in a number of macroeconomic indicators, including national revenue, total exports, employment, and foreign exchange of the nation.
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