Finance minister T. Harish Rao expects that post COVID'19, and many IT firms will be switching to TS. The Telangana Government has announced to set up five IT Parks across Hyderabad as a part of its grid policy. In a meeting held recently, this GRID (Growth in Dispersion) policy was approved. This policy was approved by the cabinet so that incentives can be given to IT Companies. They are willing to establish their business units in all directions other than the West.
This policy, as per another report, is expected to push 90 percent of the growth in the sector, and the government too will be setting up 100 acres of land in five years and offer concessions of rs. 66.75 crores. So far, there is a growth of around 90 percent in the areas such as Madhapur, Gachibowli, and Kondapur. It has also been decided that the IT Sector will also be developed in Uppal, Pocharam (East), Kompally (North) and RGIA, Shamshabad, and Adi Bhatla and Kollur/Osmansagar (Northwest) and areas outside of the West also that would encompass the GRID.
The guidelines for this GRID will come in force after five years from the date of the issue of policy and concessions of rs. 66.75 crores will be availed during the specified phase.
Even a webinar was hosted to mark the 46th foundation day of ICSI (Institute of company secretaries of India) Hyderabad institution, where this whole policy was explained on Monday.
The finance minister, while explaining the policy, also added the fact that new industrial units in the state have also observed significant growth in the registration over some time. Also, about 100 acres of land will be developed In the forthcoming five years, and in the areas such as Uppal, Pocharam, Ghatkesar and Kompally, around 10 million square ft of new office space will be created along with one lakh new IT and ITES jobs.
Over 11,750 industries have been on the receiving end of accorded approvals issued by the transparent Ts-iPASS industrial policy. The minister also mentioned that about 80 percent of the companies have resumed functioning and providing jobs to at least six lakh people.
There has been significant growth in start-ups, and the start-up ecosystem is improving, including T-hub and We hub. The ecosystem has been strengthened and enhanced due to the advent of global co-working space providers in the spectrum.
"The second phase of T-hub to inflate the innovation ecosystem in the city is also under progress and post COVID'19, and it's also expected that a lot of companies will be moving to Hyderabad and Telangana from China to set up or expand their businesses," Harish said.
"Kaleshwaram lift irrigation scheme, Mission Bhaghiratha, and Mission Kakatiya and other such prominent initiatives have also been taken by the state to solidify the foundation of farmer's income that led to enhance their income scale as well.
It has helped in accomplishing the dreams of bringing in one crore under the cultivation and indeed turned out to be the rice bowl of India." Harish further added. The list of participants in the webinar also included ICSI Hyderabad Chairman CS Palvai Vikram Reddy, among others.