‘Govt needs to aid indigenous founders through funds’

IT has been a major contributor to the Indian economy for over 2 decades now. However, the industry itself is undergoing a tectonic shift from service-based to product-based SaaS companies. The market opportunity for SaaS stands north of a trillion-dollar and India is well poised to emerge as the leader. It is hence imperative for the government to ensure the formation of policies that enable the software product-based companies to flourish and compete with the global giants. As such the government needs to facilitate indigenous founders through funds and tax relaxations to decrease the excessive reliance on venture capital funds. The government can also look at funding product focussed research to build India’s competency and leverage in the long run in the SaaS space.