Innovation Overdrive: Cutting-Edge Tech Forging India as a Software Product Nation

Innovation Overdrive: Cutting-Edge Tech Forging India as a Software Product Nation

Mr. Tejas Goenka

“To propel India’s transition into a product nation, we must adopt a multi-pronged strategy. This could involve fostering a fertile environment that encourages entrepreneurs to succeed by recognizing and classifying the software product industry differently from the software services industry. Therefore, assigning a dedicated product code for software products could lay the foundation for their correct treatment in India. To build great products in India, one needs to have a keen and strong engineering mindset. It is critical to build that skill set in India through the improvement of the depth of computer engineering in the education system. Encouraging mentorship through role models that inspire aspiring entrepreneurs and help create innovative and unique products while solving modern-day challenges is essential. The development of programs that nudge and support individuals in this direction, including startup incubation centers, financial and business support, and provision of tax subsidies to promote and ease the R&D work, is crucial to creating disruptive products. This will not only help ease the commercial aspect but, more importantly, support the innovative push that is critical for companies to come out with winning product offerings. At an overall level, it is important to give focused attention and support to the software products industry within the broader software industry.”- Mr. Tejas Goenka, Managing Director, Tally Solutions



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