India's computer software/services and IT enabled services (ITeS) has grown by 3.83% to $111 billion during 2016-17.
In a report published by the Electronics and Computer Software Export Promotion Council (ESC) on Thursday, the organisation said it was $107 billion in 2015-16.
Highlighting the major findings of ESC, Indiasoft Chairman and Organising Committee member of ESC Nalin Kohli said the US remains the top destination of India's export.
"US accounts for 57% in India's total exports in 2016-17. In value terms, it translates into $ 63.51 billion as compared to $ 61.51 billion in 2015-16. The UK remains top second top destination with a share of 18%. In value terms, it works out to $ 20 billion," he said.
Singapore comes in the third position with $4.43 billion.
Commenting on the future strategy of the ESC to create alternative markets for software exports and services, ESC Executive Director D K Sareen said the basic objective of Indiasoft is to reduce the dependence on a single market and to make forays into alternative markets.
Dependence on US mkt
"Over a period of time, we have reduced the dependence on the US market to close to 80% to the current level of 57%.
We are confident that while India's share of computer software and services in the world market would go up, our dependence on the US will come down over the years," said Sareen.
He said that India's software and services exports are spreading spatially across the globe. Now India exports software and services to over 145 countries.
"We have made inroads into almost all markets. What we have to do in the future is to scout aggressively in these markets to up our market share in these yet to be developed markets. Indiasoft is an effective vehicle for getting a strong foothold in these markets," he added.