IT and Fintech to drive growth for Andhra Pradesh: Nara Lokesh, IT Minster

Visakhapatnam: Govt. of Andhra Pradesh today announced it’s efforts to make Vizag the next IT hub of the India, through strategic investments in sector with the aim to create 100, 000 jobs in the next 5 years. The announcement was made by Hon’ble IT Minister, Nara Lokesh, IT Minister, Govt. of Andhra Pradesh during the two day Business Blockchain Conference, in Vizag.

Nara Lokesh, IT Minister, Andhar Pradesh said, “We are very proud of the fact that, currently we have created over 22,000 job opportunities in IT sector and 40,000 in electronic sector in the state. By 2019, we aim to create job opportunities to the scale of one lakh job IT sector and two lakhs in the electronic sector. Govt. is not only making tremendous efforts in inviting Fintech companies to Vizag, it is also trying to create socio-economic development in the city by focusing on infrastructure. Congenial policies, burgeoning pool of talent and strategic investments is attracting investors to set up operations in Vizag. The Govt. of Andhra Pradesh is making all the efforts to embark on its vision to make Vizag the Fintech hub of India”.

J.A Chowdary, Advisor to IT Govt. said,”Govt. of Andhra Pradesh has received lot of proposals from SMEs during this Fintech Vizag Valley event. 60% of the participating companies have come for the first time to Vizag. Chennai, Bangalore and Mumbai based start-up SME companies are willing to start operations in Vizag. Govt. is in talks with 19 companies; out of which 6 companies have already committed of opening offices in Vizag. Govt. is also in talks with regulatory bodies like RBI and SEBI with regard to policies. National Stock Exchange (NSE) is planning to open datacenter in Andhra Pradesh. We are excited that the companies see an opportunity in Vizag and willing to invest.”

Speaking about the overall development in the State, Hon’ble IT Minister, Nara Lokesh mentioned that, nearly 27 companies are in the process of setting up of operations in Amaravati. Nine companies have already started operations and invested close to Rs. 650 crores in the region. Nearly 10,000 to 11,000 jobs will be created in the newly formed capital ‘Amaravati’ in the next few years.

Tirupati being developed as the Electronic cluster has attracted some of the emerging companies such as – Zoho, Dickson (LCD manufacturer), Celkon, Karbon, Lava, Munoth (Lithium Batteries manufacturer). Investment to the scale of Rs. 1000 crores has been invested so far by the companies in the Tirupati region.