The new IT policy to attract more investors and spur the growth of the ICT sector would be unveiled on July 1, Chief Minister K. Rosaiah announced.
Inaugurating the state-of-the-art facility of Model N Inc, a revenue management solutions provider at Gachibowli, he said the new policy would be discussed and finalised at the State Cabinet meeting on that day. The recent industrial policy was one of the best in the country and the proposed one for the IT sector would also be on similar lines. The Chief Minister said the State had emerged as one of the most preferred destinations in the IT sector. The ICT sector had grown by leaps and bounds in the last decade. The direct employment created by the sector had increased from 12,000 in 1999 to 2. 52 lakh in 2009.
While there were 194 ICT companies in 1999, the figure now was 1,206. The ICT export turnover stood at Rs.32,500 crore (US $ 6,200 million) last year, against Rs.284 crore (US $ 56.8 million) in 1999. The government was aiming at achieving Rs.70,000 crore (US $ 14,000 million) export turnover and an additional direct employment of 1,25,000 by 2015.
IT SEZs:
Stating that AP had highest number of 57 IT SEZs, Mr. Rosaiah said the IT SEZs, once fully operational, would create more than 100 million sq.ft. office space and about 10 lakh direct employment.
Later addressing a press conference, Model N CEO Zack Rinat said that with the momentum in the market, the company was planning to expand its operations and invest US $ 25 million (about Rs.120 crore) in the next three years in the Hyderabad office. It was looking at customers in life sciences, pharma, medical devices, generics, biotech sectors and high tech industries to provide revenue management solutions.
Principal Secretary (IT) Ratna Prabha said the Centre was likely to give its approval soon to the State's proposal for creating an IT corridor.
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