Ministry of Electronics and Information Technology (MeitY) has come out with the draft National Policy on Software Products. The draft policy released last week by Government aims to undertake several measures for the promotion and development of software product industry in India.
Some of the key aspects of the policy are highlighted below for your easy reference.
- The policy suggest numerous measures to work towards creating business friendly environment for the software product companies through creation of single window platform, incorporation of companies in time bound manner. It further aims to simplify rule and regulations regarding establishing, operating, financing, exit /closure of business.
- The software product policy aims to generate 3.5 million direct and indirect employment by 2025. Further, it aims to generate millions of skilled IT professionals in line with the needs of software product companies.
- It further aims to remove bottlenecks to help software product companies have access to much needed seed funding or seek angel investments. In addition, the policy aims to create innovations funds through ministry of finance exclusively for software product industry
- The policy aims to ensure and promote ease, fair, neutral and transparent tax regime which is favorable to trade of Indian software products. Besides, it aims to create an enabling framework to provide access to Indian software products in Government procurement
- Number of measure have been proposed in the policy to help Indian software product companies have access to other markets such as FTA’s with other countries , integrating software products in India’s foreign aid programs etc.
- To encourage and support software products startups, fiscal and non-fiscal incentives have also been proposed in the policy
The last date to send the comments to the Government is 9th December. We would therefore require your inputs at the earliest, and not later than 6th December 2016. This will give us time to consolidate the different views and help us to submit our response to the Government on time. Kindly send your responses to the policy team at email@example.com
We look forward to your inputs.