News Column


July 1, 2014

N Chandrababu Naidu, the Chief Minister of Andhra Pradesh, has invited the chief executives of information technology (IT), business process outsourcing (BPO) and electronics majors in the US and other Western countries, to invest in Andhra Pradesh. The Government of Andhra Pradesh is planning to set up a mega IT hub on 3,000 acres. The Government plans to focus on the hubs of Visakhapatnam, Kakinada, Vijayawada- Guntur, Tirupati and Anantapur. Entrepreneur Satish Andra will establish a start-up village on the lines of the one at Kochi. An Incubation Centre for Entrepreneurs (ICE) will be set up to encourage start-ups in the new State. The ICE has set a target of incubating at least 500 start-ups by 2019. The State Government is also planning to set up a Rs100- crore fund, in association with the Government of India, public and private investors, to promote start-up activity. The fund will provide seed funding in the range of Rs10-20 lakh for young entrepreneurs. The State intends to come out with an industrial policy in the next two weeks.

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Source: Indian Business Insight

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