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IIT Policy receives Cabinet nod, aims at Fortune 500 firms
To attract Fortune 500 companies and encourage investments in the state, the state Cabinet on Friday approved a new Integrated Innovation and Technology Policy (IIT Policy) of AP 2017-2020.
Amaravati: To attract Fortune 500 companies and encourage investments in the state, the state Cabinet on Friday approved a new Integrated Innovation and Technology Policy (IIT Policy) of AP 2017-2020.
The IIT Policy of AP 2017-2020 will extend incentives and benefits to Integrated Innovation and Technology Campus projects, covering land and infrastructure, employment-linked incentives, fiscal and non-fiscal incentives.
The IT, Electronics and Communications department under the Minister for IT N Lokesh, presented this policy in the Cabinet, which was cleared on Friday.
The project proponent should be a Fortune 500 company or with a minimum market cap of US$5 billion or an annual turnover of minimum US$ 1 billion over the last five years, according a condition in the policy.
It also mandated that the total project investment should not be less than Rs 250 crore deferred over seven years. This investment would include investment in land, research and development, fixed assets and others.
The total project investment by the project proponent shall either be on its own or in consortium or through joint venture to create minimum high-end and direct employment in emerging technologies, of at least 2,500 employees in seven years.
It is mandated to the project proponent to nurture a minimum of five state-grown start-up companies.The IIT Campus Projects will essentially have Industry 4.0 and FinTech operations, research and development, Centres of Excellence, Incubation centres, disaster recovery and data centres. The policy directs the companies to provide houses to the employees at walk and work
distance. This policy will be implemented mainly at Amaravati, Visakhapatnam and Chittoor districts.
