IT Investment Region (ITIR) to come up in Bangalore, Karnataka
India’s first IT Investment Region (ITIR) for knowledge-based industries, including software and hardware firms with entire supply chain, to come up in Bangalore. The high-powered committee of the Ministry of Communications and Information Technology has sanctioned the ITIR proposal from Karnataka and forwarded it to the Union Cabinet for clearance, which is expected soon.
- Proposed to pull in global investments to the tune of Rs 2 trillion and create a million direct jobs over the next 10 years.
- To be built under the PPP (Public-Private Partnership) model with joint investment by the central and state governments.
- The knowledge park will be a self-sustainable integrated investment region for setting up software firms, back offices
- Will have a hardware park for electronics cluster, including chip designing and manufacturing units, with world class infrastructure facilities.
- Will also have a residential township, an airstrip, high-speed rail network, shopping plaza, hospitals, schools and recreational facilities for the communities living there.
- Companies in the region will be entitled to tax benefits and other incentives akin to the SEZ policy by the central government.
Two other States which have also proposed for a similar proposal in their regions:
- Andhra Pradesh and Tamil Nadu
Month: Current Affairs - June, 2012