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The Union Cabinet has given its go ahead to the National Policy on Software Products 2019 with an initial outlay of Rs 1,500 crore. It aims to make India a software product power and is hoped to create 3.5 million jobs by 2025.

It aims to nurture 10,000 technology start-ups in the software product industry and create a talent pool and is expected to help in preparation of schemes, projects and measures to develop the software industry.

 “India’s software services industry has scaled great heights and earned a reputation in the world. National Policy on Software Products 2019 aims to make India a software product power also, which can create 3.5 million jobs by 2025,” Union Minister for Electronics and Information Technology (MeitY) Ravi Shankar Prasad stated in a tweet.

This national policy has a five dimensional ‘mission’, one of them being a 10-fold increase in Indian software industry’s share in the global markets, an official statement said.

 “Initially, an outlay of Rs 1,500 crore has been made to implement the programmes and schemes envisaged under this policy over seven years.” “The amount is divided between Software Product Development Fund (SPDF) and Research and Innovation Fund (RIF).”

“To evolve and monitor schemes and programmes for implementation of this policy, the National Software Products Mission will be set up with participation from the government, the academia and the industry,” the statement added.

The policy, meanwhile, has been appreciated by NASSCOM as well.

“As India’s #software services industry reaches new heights, we welcome National Policy on Software Products 2019 which will create product-led #startups and strengthen our position globally,” NASSCOM tweeted.

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