India’s software and IT exports are racing ahead overall, but the country’s top listed IT giants are losing ground in the export race. New data show a widening gulf between headline software export growth and the performance of established publicly listed firms, raising important questions for investors, policymakers, and the tech industry at large. The Numbers: The Export Race India’s software exports grew 12.7% in FY25 , reaching $180.6 billion, according to RBI data. Listed IT companies (the major players on the stock market) reported only 3.8% growth in foreign exchange revenues , totaling $69.6 billion, their lowest market share in 14 years. The share of listed IT firms in total software exports has shrunk from 55% in FY19 to 38.5% in FY25 , against a backdrop of accelerating growth from unlisted firms and Global Capability Centres (GCCs) of multinational corporations. What’s Fueling the Divergence? Rise of Unlisted Players & GCCs Unlisted Indian IT firms an...
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