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Policy Update
Govt's Draft Software Policy welcomed (Sector welcomes move that aims to generate employment for 3.5 million people through the creation of 10,000 tech startups developing products): The industry has largely welcomed the Ministry of Electronics and Information Technology's (MeitY) draft policy for software products, which is open for consultation from the sector and other stakeholders.

The policy aims to promote creation of a sustainable software product industry , which is largely being driven by the startup sector. It also aims to generate direct and in-direct employment for 3.5 million people through the creation of 10,000 technology startups developing products. "Having demonstrated the success of India's product ability, we firmly believe, India just needs a targeted policy to succeed in product arena. Most importantly , the policy should be able to remove frictions in trade of software products in the domestic market. Software products' need a recognition at par with other products or goods,"

The policy will provide a boost to the Indian software product industry, the same way as the Software Technology Parks of India (STPI) policy helped the software services industry for its initial two decades. The policy covers issues ranging from funding, stock options, level-playing ground in taxation, trade promotion and research and development.

"India needs to leapfrog ahead of the world. The intended policy will greatly enhance focus on Indian software products in the world and help in ease of doing business, trade promotions and simplifying government procurement.
(ET, Nov 30, 2016)

Govt. Plans Policy Prescriptions to Make IT Fighting Fit: With an impending slowdown in the IT sector -considered to be the sunrise sector of the country not very long ago -the government is mulling a review of policies which could bolster the sector's sagging fortunes. On the cards is a committee which is expected to study the factors affecting the industry and give its recommendations on the possible measures that the government could take to contain the situation.

As per initial discussions, the ministry of electronics and IT is deliberating whether there is a way the government can come up with policies that help the industry get back its focus and growth. "The review of the entire IT sector is being considered, even though some are contending that there is no slowdown in the sector, others have a feeling that jobs are moving from the software side and the situation has to be handled in a coordinated way so that the focus and growth of the sector continues," said an official privy to the discussion. The Indian IT sector reported one of its worst second-quarter results in a decade, as a slew of factors muted the sector's growth. Slowing growth in the banking and financial services sector, Britain's decision to leave the EU, weaker discretionary spending and growing pricing pressure in the traditional business along with the shift towards newer modes of businesses such as digital and cloud have led Indian IT firms to temper down expectations.

Macro-economic challenges such as Brexit and a squeeze in client spending has led to slower growth across the IT sector.
(ET, Nov 15, 2016)

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