The Union Cabinet has approved a good national policy on software products which will allow the country become a larger hub for software development in the years to come. This policy is expected to create 6.5 million jobs in India by 2025.
A a report in Business-Standard states that India's IT revenue is USD 168 billion but most of it is services. Software product component is less, it is just USD 7.1 billion. Most of the software products are imported. The software product policy is designed to make India a big centre of software products by 2025," IT Minister Ravi Shankar Prasad said after the Cabinet briefing.
As per the official report to achieve the vision of NPSP-2019, the Policy has the following five Missions:
- To promote the creation of a sustainable Indian software product industry, driven by intellectual property (IP), leading to a ten-fold increase in India share of the Global Software product market by 2025.
- To nurture 10,000 technology startups in software product industry, including 1000 such technology startups in Tier-II and Tier-III towns & cities and generating direct and in-direct employment for 3.5 million people by 2025.
- To create a talent pool for software product industry through (i) up-skilling of 1,000,000 IT professionals, (ii) motivating 100,000 school and college students and (iii) generating 10,000 specialized professionals that can provide leadership.
- To build a cluster-based innovation driven ecosystem by developing 20 sectoral and strategically located software product development clusters having integrated ICT infrastructure, marketing, incubation, R&D/testbeds and mentoring support.
- In order to evolve and monitor scheme & programmes for the implementation of this policy, National Software Products Mission will be set up with participation from Government, Academia and Industry.
The policy will also focus on tapping into emerging technology areas like Internet of Things, Artificial Intelligence, blockchain, smart sensors, big data, and robotics that are being used in smart cities, healthcare, agriculture, fintech, e-learning and transport, amongst other domains.
The challenge is to help promote India as the global hub for software product development and also create an environment that is scalable for current companies and new startups.
The sources said the intent of the policy is to create an enabling environment for innovation, Research and Development (R&D), IP creation and protection, as well as create talent pool for the industry.
The next major move for the government is bringing in excellent regulation for blockchain and cryptocurrencies and foster further growth of the blockchain ecosystem in India.
This is great news for the Indian software industry which is likely to grow in the years to come as India continues pushing for greater growth of its industries. I sincerely hope the government continues bringing policies that strengthens the economy of our nation.
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