The Union Minister for Communications and Information Technology Sh. Ravi Shankar Prasad spoke to iSPIRT members on July 1 in Bangalore during his first ever visit as Minister. Reacting to the pitch by iSPIRT members about transforming the face of India through a strong software product industry, Sh. Ravi Shankar Prasad strongly endorsed the Government’s backing to the industry.
What started as a conversation ten days back has today been further reaffirmed by the Hon’ble Finance Minister and Defence Minister Sh. Arun Jaitley in Parliament. In his budget speech Sh. Jaitley recognized and mentioned the Indian Software Product Industry as one of the key industries of growth.
iSPIRT believes that the software product industry in India is an enabler for many other industries like Defense, Electronics and Communications. The creation of 100,000 Software Product Companies in India can potentially lead to direct and indirect employment of 3.5 million people and the creation of $500+ billion in market value in a decade.
With the impetus that the Government has initiated, there is no reason why the next Facebook, Google or Whatsapp should not emerge out of India. In fact, Software products have a clear role in shaping various core sectors of the economy including agriculture, education and healthcare and bring efficiencies and cost benefits to the masses.