Bengaluru, Jan 25 (IANS): Indian software and IT services exports grew 3.8 per cent to $111 billion (Rs 7,04,500 crore) in fiscal 2016-17 from $107 billion in fiscal 2015-16, said the Electronics and Computer Software Export Promotion Council (ESC) on Thursday.

"The US remained top destination for India's export of software and services, accounting for 57 per cent of exports in 2016-17. In value terms, it is $63.51 billion as against $61.51 billion in 2015-16," said the ESC in its Statistical Year Book.

The year book was released at the two-day Indiasoft 2018 IT summit that concluded in the city on Thursday.

"Britain remains second destination with 18 per cent share. In value terms, it is $20 billion, followed by Singapore ($4.43 billion), the Netherlands ($2.49billion)," said the Chairman of Indiasoft organising committee Nalin Kohli, on the occasion.

The ESC aims to create alternative markets for software exports and services in the future, added D.K. Sareen, the executive director of ESC.

"Over a period of time, we have reduced the dependence on the US market from about 80 per cent to the current level of 57 per cent," noted Sareen.

As India's share of computer software and services in the world market would go up with time, the dependence on the US would come down over the years, he stated.

India currently exports software and services to over 145 countries, according to the ESC.

"We have made inroads into almost all markets. What we have to do in the future is to scout aggressively in these markets to increase our share," asserted Sareen.