During the first eight months of the current fiscal year 202223, export remittances for IT and IT-enabled Services (ITeS), which include computer services and call centre services, increased by more than 1.7 percent and totaled $1.718 billion, up from $1.689 billion during the same period of the previous fiscal year.
On a year-over-year (YoY) basis, the sector’s export remittances declined by around 3% to $195 million in February 2023 from $201 million in February 2022, according to the official data.
When compared to $190 million in January 2023, the sector’s export remittances saw a monthly increase of 2.5 percent.
In the fiscal year 20212022 (FY22), ICT export remittances, which include telecommunication, computer, and information services, grew by 47.43 percent to an all-time high of $2.618 billion, up from $2.108 billion in the previous year (FY21).
ICT export remittances of $1.718 billion were realised by the IT and ITeS Industry during the period of July 2022 to February 2023 of the fiscal year 202223, according to Ministry of Information Technology and Telecommunication officials, despite ongoing difficulties with doing business and an increase in the cost of doing business (FY23).
The $5 billion objective for IT exports was expected to be reached by June 2023, according to the IT ministry’s projections. The ministry has however cautioned the government that failure to implement agreed-upon incentives, a lack of consistency in regulations, as well as the failure to address tax and banking-related concerns, might hurt the telecom sector’s export remittances and jeopardise its digital goal.