5th June 2012
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.
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
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