Super Good news for Seemandhra. The Chandra Babu Naidu-led AP government has fastened the process of laying development path to the new state. As per the latest announcement, Mr Naidu is targeting Rs 42,000 Crore investments from MNCs with a provision of 5 Lakh jobs in the next six years (2014-2020). That’s not all. Hi-tech CM Chandra Babu has vowed to make the new State into ‘Silicon Corridor’ in accordance to the one in United States. Mr Naidu has unveiled a new Information Technology policy 2014-2020 which assures ‘zero’ power cuts to IT sector besides exempting from all Labour Laws, Shops and Establishments Act granting permission to operate 24X7 throught out 365 days including night shifts for women to suit the needs of MNCs abroad.
Highlights of the IT Policy 2014-2020:
Land Allotment: A rebate on the cost of land will be provided at Rs 60,000 per employee to the mega IT projects and Rs 40,000 per employee for other IT projects.
Mega projects: Projects that can create an employment of 5,000 or more in five years a rental subsidy at Rs 10 per sqft per month will be provided for 3 years.
Common incentives: Power subsidy of 25 per cent on power bills consumed by MSMEs
Maximum of Rs 30 lakh in three years and 50 per cent by SC, ST and women entrepreneurs.
Incentives for MSME units:
50% subsidy on lease rentals for three years.
50% reimbursement of exhibition stall rental, recruitment/training assistance at Rs 20,000 per IT professional employed within two years.
Additional incentives for SC, ST and women entrepreneurs:
15% reservation on built up space, 25% investment subsidy on fixed capital with a maximum limit of Rs 25 lakh, interest subsidy of 8.5 per cent for SC/ST entrepreneurs and 5 per cent for women.
Budgetary allocation: The state government envisages that a requirement of 500 Crore per annum is essential to take up development of the industry.
Infrastructure: Development of mega IT hub at Visakhapatnam, IT hubs at Vijayawada, Kakinada, Tirupati and Anantapur with walk-to work, cycle-to-work concepts.
PPP model: IT parks and IT zones will be developed through Public private Partnership (PPP) policy.
ITIRs: After ITIRs in Visakhapatnam and Tirupati, the Tirupati-Anantapur corridor will be proposed.