Union Cabinet approves software product policy

Why in news?

• The Union Cabinet approved the National Policy on Software Products 2019 that aims to help the industry grow at CAGR of 40% to reach $70-80 billion by 2025, while creating employment opportunities for 3.5 million people.
• The policy aims to adopt a shift in strategy so that IT products also contribute equitably and significantly to other concerned industry.
• Govt envisaged promoting emerging technology such as Internet of Things, Artificial Intelligence, Blockchain, Big Data and robotics.
• ‘Software Product Development Fund’ will participate in venture funds having objectives aligned to this policy and so can leverage private investments targeted to promote software product ecosystem.
• The SPDF will be financially managed by a professional financial institution.
• The policy, which aims to increase share of Indian software products in global market by tenfold, pitches for nurturing of 10,000 technology start-ups in software product industry, including 1,000 such start-ups in tier-II and tier-III towns.

(National)(The hindu)

Pic courtesy:Express Computer