New Delhi: One of India's top IT cities, Hyderabad has something to cheer about. Hyderabad is finally getting a very ambitious Rs 2.19 lakh crore Information Technology Investment Region (ITIR) on its outskirts after the Union Cabinet Committee on Economic Affairs (CCEA) cleared the proposed project on Friday.
Hyderabad, house to some of the biggest IT brands in the world, has been witnessing a slow down in recent years due to an impasse over Telangana state. Many big companies have even downsized their operations in Hyderabad because of frequent bandhs and processions by pro and anti-Telangana activists. Some are threatening to shift their base or operations to neighbouring Bangalore or Pune.
The CCEA note says, the ITIR is a combination of production units, logistic, public utilities, environment protection mechanism, residential areas and administrative services.
According to Andhra Pradesh government IT department officials, it would include special economic zones, industrial parks, free trade zones, warehousing zones, export-oriented units, growth centres, existing settlements and industries. It will also include estates and services.
The ITIR would be developed in an area of 50,000 acres in two phases over a period of 25 years. It is also expected to create direct employment for around 15 lakh people.
Andhra Pradesh contributes 12.4 per cent of the total IT exports of the country and ranks 4th in IT performance in the country. During the 2011-2012 fiscal year, the Andhra Pradesh's IT sector had a turnover of Rs 53,246 crore.
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