New Delhi: The National Policy on Information Technology 2012, which envisages the growth of the IT market to $300 billion and creation of another 10 million jobs by 2020, has been approved by the union cabinet.

A statement from the communications and IT ministry said the policy attempts also to leverage India's global edge in information and communication technology (ICT) to advance national competitiveness in other sectors, particularly those of strategic and economic importance.

The thrust areas of the policy includes encouraging adoption of ICTs in key sectors to improve their competitiveness and productivity besides providing fiscal benefits to small and medium enterprises and start-ups for adoption of IT in value creation.

It envisages creating a pool of 10 million additional skilled manpower in ICT and make at least one individual in every household e-literate.

The policy will enhance transparency, accountability, efficiency, reliability and decentralization in government and in particular, in delivery of public services.

The policy will be notified in the Gazette shortly, the ministry said.