A high voltage power supply (HVPS) of rating-40 kV, 5 A is designed and developed based on pulse step modulation (PSM) technique for inductive output tube based RF amplifier. The commercial availability of such power supplies are very limited and that to at a very high cost. In future also, we shall need several PSM based HVPS of various ratings, so in-house development of a high voltage power supply is important to reduce the cost to less than half and also for easy maintenance. The present development is aimed to utilise a modern technique meeting all the important criteria, i.e., solid state based modular construction, crowbar-less design, reliable operation, voltage regulation with higher efficiency, fast response and most importantly easy to service. This paper deals with the design and development of HVPS rated at-40 kV, 5 A by using DSP TMS320F28335 as the main controller along with algorithms for the control system, interlocks and protections, test results, etc.