India has witnessed a rapid transition of growth rate post liberalization of 1991. Prior to 1991 due to unoptimized management of resources resulted into stagnated growth rate around 3.5% from 1950s to 1980s and it was called Hindu Growth Rate. But with the liberalization, privatization and globalization reforms it carried out many institutional changes in Indian economy and definitely it was also compulsion of World Bank and IMF for a $500 million bailout package. Now this compulsion has been transformed into an opportunity for Indian economy.
With these reforms almost all sectors of economy stared to contribute in GDP. But due to less investment, creating of service professional human resource and global scope started to make India as a hub of service industry with fastest growing service sector in world. In this transition we have focused on external outsourcing which increased our share in overall growth but with this we started to lag in product development. Therefore to address this constraint recently Union Cabinet has approved the National Policy on Software Products – 2019 to develop India as a Software Product Nation which aims to promote the creation of a sustainable Indian software product industry, driven by intellectual property (IP), leading to a ten-fold increase in India share of the Global Software product market by 2025.
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