Nod for software products policy

Focus will be on innovation, R&D, IP and creation of talent pool

The Cabinet on Thursday approved the National Policy on Software Products-2019 (NPSP-2019) that aims to stimulate an alternative growth of revenues from software in parallel to the IT-ITeS industry.

The policy aims to provide a level playing field to Indian software product companies, facilitate ease of doing business, create an enabling environment for innovation, R&D and IP creation & protection, create talent pool for the industry and tap global and domestic software product market.

The policy will also help promote entire spectrum of emerging technology such as Internet of Things (IoT), Artificial Intelligence (AI), Blockchain, Big Data, robotics and smart sensors for developing globally competitive software products for promising economic such as smart cities, healthcare, agriculture, e-learning, transport, fintech etc is being given special attention. For this, a dedicated Software Product Development Fund (SPDF) with a corpus of ₹5,000 crore will be created in the form of Fund of Funds with industry participation, a government statement said.