MeitY fast-tracks work on ₹5K-cr fund-of-funds

New Delhi | Bengaluru: The Ministry of Information Technology (MeitY) is fast-tracking its ambitious ₹5,000-crore fund-of-funds targeted at deploying much-needed domestic capital into India’s software products ecosystem, as the government looks to reopen the economy in a phased manner after a two-month lockdown.

MeitY officials are expected to approach the finance ministry as early as next week with a detailed proposal for the Software Product Development Fund (SPDF), according to three sources aware of the developments. The SPDF was first announced in the National Policy on Software Products, which was approved by the Union cabinet in February last year.