Production of computer software and services touched revenue of $12.169 billion in 2002-03, posting a growth of 20.59 per cent over 2001-02 figures, as per the yearly compilation data of Electronics and Computer Software Export Promotion Council.

During 2001-02, production of computer software and services had touched a revenue of $10.091 billion, ESC said in its Statistical Year Book of Indian IT and Electronics industry for 2002-03.

The growth rate of 20.59 per cent is lower than the growth rate of 25.80 per cent achieved in the production of computer software and services in 2001-02.

Despite challenging business environments, India's export of computer software and services in 2002-03 grew by 25.54 per cent to $9.607 billion from $7.652 billion in 2001-02.

Share of software exports in total production increased to 78.95 per cent in 2002-03 compared to 75.83 per cent in the previous year.

However computer software and services growth rate of 25.54 per cent was lower than the growth rate of 28 per cent in 2001-02 due to unfavourbale global economic environment, it said.

Domestic software segment increased to $2.652 billion in 2002-03, growing by 5.04 per cent, the report said while adding the lower growth rate of domestic software segment is due to sluggish economic conditions and decline in IT spending by governments and banks.

However, owing to adverse economic conditions globally, the growth of software exports in total production declined to 25.55 per cent in 2002-03 from 28 per cent in 2001-02.

The average annual growth rate of total production of computer software and services in the last five years was 40.08 per cent. However, due to comparatively lower growth rate in 2002-03, average annual growth rate of total production during the five-year period of 1997-98 to 1002-03 declined to 35.23 per cent.