Union Cabinet approves software product policy

The Union Cabinet on Thursday 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 the industry along with IT services,” Electronics and IT Minister Ravi Shankar Prasad said.

In a statement, the government said that initially an outlay of Rs. 1,500 crore is being planned for various schemes under in policy in the next seven years.