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Industry News
  • Taxation won't Come in the Way of Foxconn-Nokia Deal, says Official
  • Manufacturing takes a hit amid cash crunch
  • Consumer-oriented Tech Expected to Shine in 2017
  • Startups Likely to Get Tax Benefits
  • Foxconn JV to build $8.8b LCD Plant in China
  • IT in slower growth (cloud, automation and artificial intelligence as well as global politics likely to impact income)
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)

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