June 22, 2024

Global Investors Summit: Attracting Investors with Futuristic IT Policy

Transforming Investment Landscape with Futuristic IT Policies:

Insights from Global Investors Summit

A robust industrial sector is paramount and nowadays, the IT and electronics sector has a key role to play in industrial development.

 

 

Keeping this in mind, AP Government is making every effort to attract investments in this sector during the Global Investors Summit to be held at Visakhapatnam on March 3 and 4.

AP is known for offering top-notch infrastructure, which facilitates the development of a thriving IT industry.

It holds the distinction of being the first State in South India to implement robust energy conservation programmes, providing round-the-clock quality power to industries, and having the lowest HT industrial tariff in the country. AP is a well-known knowledge hub in India.

It is making significant strides in the IT industry, with plans to create three IT concept cities in Visakhapatnam, Tirupati and Anantapur. These cities have been selected for their existing technology presence, availability of human capital, and proximity to user sectors.

According an official release, the goal is to attract both domestic and global IT/ITeS firms across various sectors such as healthcare, education, travel, insurance and banking.

To achieve this, the IT concept cities will offer speedy execution and cost reductions for the IT industry.

Quick approvals will reduce the time needed to start operations, and there will be seamless connectivity to airports and highways.

The availability of skilled manpower will be ensured, and world-class IT-driven common and social infrastructure will be provided, along with plug-and-play IT office space and co-working spaces.

The State also boasts of a cost structure trend that is 20-25% lower operating costs, with a 5% average difference in challenger and aspirant cities.

AP’s IT policy is futuristic, with provisions for employment incentives, power tariffs, transport subsidies, work-from-home incentives, quality certification, and startup ecosystem development.

On the other hand, emphasis is being laid on electronics sector, which also has wide scope for job creation.

The AP State has emerged as a rapidly expanding hub for global manufacturing with a particular emphasis on the following:

Electronics System Design and Manufacturing (ESDM) industry.

AP boasts of multiple large Original Equipment Manufacturers (OEMs) and Original Design Manufacturers (ODMs) in the semiconductor sector.

It has 4 Electronics Manufacturing Clusters (EMCs), including two in Tirupati (EMC 1 and EMC 2), one in Sri City, and another in Kopparthy, which is currently under construction.

The 2021 Electronics Policy provides incentives to enable the low cost of operations and early breakeven of units, making AP an attractive proposition for businesses in the electronics manufacturing space.

AP State presents an ideal opportunity for global conglomerates to invest in the electronics sector and address the ever-increasing global demand. 3 IT concept cities to come up in Andhra Pradesh Andhra Pradesh is making significant strides in the IT industry, with plans to create three IT concept cities in Visakhapatnam, Tirupati and Anantapur.

These cities have been selected for their existing technology presence, availability of human capital and proximity to user sectors. The IT concept cities will offer speedy execution of projects and cost reductions for the IT industry

 

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