India's software exports down 96%

India's software exports suffered a severe setback in March declining by 96.6 per cent to $1 million from the year-ago period due to recession in world's major economies like the US and the Europe.

Exports, which forms a sizeable chunk of the software industry, were down to $1 million in March from $29 million in the same month last year, according to Commerce Ministry data.

In the financial year 2008-09, the country's computer software exports dipped by 14.2 per cent to $127 million from $148 million in the previous fiscal.

Meanwhile, India's electronic goods exports also dipped by a meagre 1.1 per cent in March to $354 million from $358 million in the corresponding period last year, the data said.

However in 2008-09, overseas sales of electronic goods grew by 27.4 per cent to $4.27 billion from $3.35 billion in the same period last year.