44% jump in software services exports by proprietor/LLP firms in FY22 from previous year: RBI survey | The Financial Express

44% jump in software services exports by proprietor/LLP firms in FY22 from previous year: RBI survey

Trade, import and export for MSMEs: Proprietor/LLPs, which are generally MSMEs, accounted for 2.8 per cent of the total software services exports worth Rs 11,67,404 crore during FY22.

44% jump in software services exports by proprietor/LLP firms in FY22 from previous year: RBI survey
While private enterprises accounted for 60 per cent of the total exports of software services, exports by public limited companies declined during the year.

Trade, import and export for MSMEs: The software services exports from India during the financial year 2021-22 by proprietor/limited liability partnerships (LLPs) firms stood at Rs 32,181 crore, up 44.5 per cent from Rs 22,265 crore during FY21, according to the annual survey on software service exports released by the Reserve Bank of India (RBI) on Thursday. Proprietor/LLPs, which are generally MSMEs, accounted for 2.8 per cent of the total software services exports worth Rs 11,67,404 crore during FY22 vis-a-vis 2.2 per cent of Rs 9,92,141 crore of exports during FY21. 

With respect to private and public limited companies, while private enterprises accounted for 60 per cent of the total exports of software services, exports by public limited companies declined during the year, data showed. Private companies’ exports increased to Rs 6,99,890 crore in FY22 from Rs 5,25,194 crore in FY21 while public enterprises’ exports dipped to Rs 4,35,333 crore in FY22 from Rs 4,44,682 crore in the previous year.

Among categories, IT services exports increased from Rs 6,88,444 crore to Rs 7,57,352 crore followed by BPO services exports up from Rs 2,71,743 crore to Rs 3,14,851 crore during the said period. Engineering services exports also increased from Rs 54,957 crore to Rs 61,561 crore and software product development exports jumped from Rs 28,177 crore to Rs 33,640 crore, according to the survey data. RBI said 6,218 software export companies were contacted for the survey, of which 2,074 companies responded. The responding companies accounted for 89.4 per cent of the total software services exports during the year.

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Meanwhile, the share of India’s MSME sector in the country’s annual merchandise exports in FY22 had declined even as the latter hit a record high level. According to the data shared by the Minister of State for MSMEs Bhanu Pratap Singh Verma in the Rajya Sabha in July this year, MSME exports’ share dropped to 45.04 per cent in FY22 in comparison to 49.75 per cent during FY20 and 49.35 per cent during FY21 while India’s exports jumped 34.63 per cent from $313.3 billion in FY20 and 44.5 per cent from $291.8 billion in FY21 to record $421.8 billion in FY22.

However, MSME exports had jumped 21.8 per cent from $155.9 billion during FY20 and 31.9 per cent from $143.9 billion during FY21 to $190 billion during FY22. Among the top 10 export destinations for Indian MSMEs in FY22 have been the US ($54.7 billion), UAE ($13.4 billion), Hong Kong ($9.93 billion), the UK ($7.54 billion), Germany ($7.19 billion), China ($5.16 billion), Belgium ($4.73 billion) France ($4.20 billion), the Netherlands ($4.24 billion), and Italy ($3.84 billion).

Also read: Exclusive: No further extension of Udyog Aadhaar license validity for MSMEs by govt

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