Hyderabad, Aug 12 (): Andhra Pradesh will set up a IT township on five million square feet built-up area with a signature tower in one million square feet in Visakhapatnam according to the new policy unveiled.
The Tirupati-Anantapur IT corridor will come up in later phase. Andhra has offered many incentives for those coming to set up shop in what it calls the Silicon Corridor of India.
The incentives start with a rebate on land price based on employee strength and can get up to 90 % rebate on the land. Stamp duty, registration and transfer duty involved in land purchase will be reimbursed. AP building rules too have been relaxed for the IT hub.
100% power subsidy for IT companies, 25% for small and medium manufacturers as well as 50% for women and SC/ST entrepreneurs are in the pipeline. Andhra IT plan is aimed at attracting $2 billion investment in IT and $5 billion in electronics manufacturing.
The IT zone will have no regulations for constructing buildings which also includes exemption from Labour Act since IT has been declared as emergency service. The companies will get a 5% share of the national exports of IT software. The plan is to generate five lakh jobs in five years.
Andhra Pradesh will go in for PPP model where it will go in for a JV with private builders selected through bids. As the demand for jobs in IT sector will go up, Andhra to enable its own students make use of it has made drastic changes in the computer education of its Universities. It has asked Universities to give credits to students doing online courses.
Those studying IT-related courses will have to do an internship in the fourth year in the company that is a member of the association. Andhra is also ready to partner the new IT institutes of reputed companies and would tie-up with foreign universities to set up campus in the IT hub.
Hyderabad turning into an IT hub is credited to Chandrababu Naidu’s tenure as CM of united Andhra. He now looks set to beat his creation by making Visakhapatnam a bigger hub.