Govt lures IT companies to Vizag

In what seems to be a major shift in policy, the state government has decided to grant more benefits to IT companies that set up shop in the north-coastal city of Visakhapatnam. The benefits include extending
power subsidy for a longer period of time, more stamp duty waiver and financial assistance based on the employment generated. These are in addition to the incentives for IT companies offered state-wide.

CM, Rosaiah, told IT professionals who met him recently that the government is ready to grant “some out-of-box incentives and to provide additional dispensation to the companies willing to set up their operations in Visakhapatnam.” The power subsidy will be extended to five years — it is three years under the current IT policy.

Also, the waiver of stamp duty will be offered more than one time. The companies will get one-a-and-half times more financial assistance per job compared to units located in Hyderabad. “We will offer these
additional incentives on a case by case basis. If we believe that a company can provide more jobs, we will not hesitate to increase the incentives,” said Ratnaprabha, the principal secretary of Information and Technology department.

“The Chief Minister proposes to develop Visakhapatnam as India’s ‘Bay Area.’ IBM has already agreed to set up their units in the steel city. We have also received a number of enquiries from other national and
international IT majors,” said Ratnaprabha. The IT department will be requesting the Chief Minister to earmark at least 500 acres of land for new IT companies.

Courtesy: DC

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