By IANS,
Hyderabad: This information technology hub is expected to witness rapid growth in the IT sector with the setting up of investment region around the city.
The central government has agreed in principle to Andhra Pradesh government’s proposal for setting up an Information Technology Investment Region (ITIR), a minister announced Saturday.
State IT Minister Ponnala Lakshmaiah told reporters that the ITIR would come up over 50,000 acres of land in 25 years. It is aimed at attracting an investment of Rs.2.19 lakh crore in the ITTES sector and providing direct employment to 15 lakh people.
The investment region is expected to increase the direct employment from the current three lakh to 15 lakh and indirect employment from 10 lakh to 50 lakh. The built-up space will rise from the present 40 million square feet to 130 million square feet.
The investment region would comprise production units, public utilities, logistic, environment protection mechanism, residential areas and administrative services in three proposed corridors.
The government proposed to develop the infrastructure for ITIR at an estimated cost of over Rs.15,000 crore.
Under the mega project, special economic zones (SEZs), industrial parks, free trade zones, warehousing zones and export-oriented units would come up in three corridors around the city.
The minister said the ITIR would increase IT exports from the present Rs.50,000 crore to Rs. 2.35 lakh crore. Similarly the electronic hardware manufacturing sector will grow from the current Rs.6,000 crore to Rs.80,000 crore.
The development of IT sector in Hyderabad began in mid 1990s and it is today at the fourth place in the country in terms of IT exports.
The city is home to global IT giants and Fortune 500 companies like Microsoft, Google, IBM, Oracle, DELL, Motorola, Deloitte, Convergys, UBS, Bank of America and HSBC.