The Union Cabinet on Thursday approved the National Policy on Software Products 2019, which would help in formulating schemes, projects and measures to develop the software industry.
According to an official statement, the policy has a five dimensional 'mission', one of them being a 10-fold increase in Indian software industry's share in the global markets.
"Initially, an outlay of Rs 1,500 crore has been made to implement the programmes and schemes envisaged under this policy over seven years. The amount is divided between Software Product Development Fund (SPDF) and Research and Innovation Fund (RIF)," the statement said.
It also aims to nurture 10,000 technology startups in the software product industry and create a talent pool.
"To evolve and monitor schemes and programmes for implementation of this policy, the National Software Products Mission will be set up with participation from the government, the academia and the industry," the statement said.
--IANS
rrb/arm/pcj
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)